O. C. G. A 48-7-29.17 provides taxpayers a credit for the purchase of an eligible single-family residence located in Georgia.  An eligible single-family residence is a single-family structure (including a condominium unit as defined in O. C. G. A 44-3-71) that is occupied for residential purposes by a single family that is:

• Any residence (including a new residence, one occupied at the time of sale, or a previously occupied residence) that was for sale prior to May 11, 2009 and that remained for sale after May 11, 2009; or
• A residence with respect to which a foreclosure event has taken place and which is owned by the mortgagor or the mortgagor’s agent; or
• An owner-occupied residence with respect to which the owner’s acquisition indebtedness was in default on or before March 1, 2009.  Acquisition indebtedness is debt incurred in acquiring, constructing, or substantially improving a qualified residence and which is secured by such residence.  Refinanced debt is acquisition debt if at least a portion of such debt refinances the principal amount of existing acquisition indebtedness.

A taxpayer is allowed the tax credit for a purchase of one eligible single-family residence made between June 1, 2009 and November 30, 2009.  The credit amount is the lesser of 1.2 percent of the purchase price of the eligible single-family residence or $1,800.00.  The amount of the tax credit that may be claimed and allowed in a single tax year cannot exceed the lesser of the 1/3 of the credit or the taxpayer’s income tax liability.  Any unused tax credit can be carried forward but cannot be carried back.  The taxpayer must also include with their 2009 Form 500 the following documentation of the eligibility of the single-family residence:

• A bona fide listing agreement with a real estate agent or broker licensed in this state, or documentation the eligible single-family residence was for sale directly by the owner without a real estate agent or broker, or other appropriate documentation to validate the eligibility of the single-family residence.  Please note that the inclusion of the FMLS or MLS listing of the property, which specifies the date(s) the property was listed for sale, will satisfy the requirement.
• A copy of the closing statement.
• If the residence qualifies because the acquisition indebtedness was in default on or before March 1, 2009, or because it was a residence with respect to which a foreclosure event has taken place, the taxpayer must supply documentation to show that this was the case.