Lesser Known State Tax Credit To Expire with Federal Tax Credit
Posted by Brandon Anderson on Saturday, October 3rd, 2009 at 6:14am.HB261 provides for a tax credit of 1.2% of the purchase price of the home or $1800, whichever is less. This state tax credit must be taken over three years (1/3 per annum). Eligible properties are restricted to any single-family residence. This state tax credit is in addition to the Federal tax credit of up to $8000 provided by the American Recovery and Reinvestment Act of 2009. Both tax credits will expire December 1, 2009. So, buyers must hurry to take advantage of the tax savings.
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