ATLANTA (May 11, 2009) – Governor Sonny Perdue today signed an $1,800 home buying tax credit that Sen. Chip Pearson (R-Dawsonville) carried to final passage in the Senate during the 2009 legislative session. He worked with the bill’s author, Rep. Ron Stephens (R-Savannah), to bring relief to Georgia’s housing market.
“Jumpstarting the housing market is the first step to economic recovery. Incentivizing homebuyers to act now while prices are low is the key to stimulating the market,” said Pearson. “This legislation represents a true commitment by the Senate and House to revitalize Georgia’s economy, and I applaud Governor Perdue’s leadership in his decision to sign this bill into law.”
The income tax credit takes effect immediately, and will be available for the next six months. Under House Bill 261, homebuyers are provided a tax credit worth $1,800 or 1.2 percent of the purchase price of a single-family home. The credit will be taken over three years.
This bill represents months of work by Sen. Pearson and his colleague Rep. Stephens, who as chairmen of their respective Economic Development Committees led a joint study to examine and develop solutions to Georgia’s housing downturn. The committee heard from a wide range of industry experts who all agree that the economic implications could be staggering unless something is done to stabilize Georgia’s housing industry.
The Georgia Association of Realtors and the Georgia Home Builders Association have heralded the bill as a first step to encouraging home sales by getting prospective buyers back into the housing market.
Sen. Pearson noted that this is the first time since World War II that a housing crisis has led the nation into a recession, and there has never been a time since WWII when housing has not led the nation to economic recovery.
For more information on the Georgia State Senate or to view HB 261, please visit www.senate.ga.gov.
Sen. Chip Pearson serves as chairman of the Economic Development Committee. He represents the 51st Senate District which includes Dawson, Fannin, Gilmer, Lumpkin, Pickens, and Union counties and portions of Forsyth and White counties. He may be reached at 404.656.9921 or via e-mail at chip.pearson@senate.ga.gov.
PRESS RELEASE
For Immediate Release:
May 11, 2009
For Information Contact:
Raegan Weber, Director
Kallarin Richards, Senior Communications Specialist
kallarin.richards@senate.ga.gov
404.656.0028