Tax Credit for Home Buyers Passes House

ATLANTA— Today the Georgia House of Representatives overwhelmingly passed House Bill 261 by a vote of 162 to 4. The measure now moves to the state Senate for consideration.

“This legislation will immediately stimulate our economy by creating an incentive to buy homes now rather than later,” said Rep. Ron Stephens (R- Savannah). “The positive affects of increasing home sales will ripple out to many other areas of Georgia’s economy, including construction and manufacturing.”
Upon becoming law, this legislation will create a six month window during which anyone purchasing one single-family residence will receive a tax credit of up to $3,600. New and previously occupied residences as well as foreclosed residences are all eligible for this tax credit. The credit can be used on all single-family residents, including houses and condominiums.
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Representative Ron Stephens represents the citizens of District 164, which includes portions of Bryan, Chatham, and Liberty counties. He was elected into the House of Representatives in 1996, and is currently the Chairman of the Economic Development & Tourism Committee. He also serves on the Appropriations, Rules, and Ways & Means committees.