2023 CODE OF GEORGIA › Title 48 - REVENUE AND TAXATION (§§ 48-1-1 — 48-18-1) › Chapter 7 - INCOME TAXES (§§ 48-7-1 — 48-7-170) › Article 2 - IMPOSITION, RATE, AND COMPUTATION; EXEMPTIONS (§§ 48-7-20 — 48-7-42) › Section 48-7-29.17 - [Effective 1/1/2025] Tax credit for the purchase of one eligible single-family residence

(a)
As used in this Code section, the term "eligible single-family residence" means:
(1)
A single-family structure, including a condominium unit as defined in Code Section
44-3-71
that is occupied for residential purposes by a single family, that is a new residence, a residence occupied at the time of sale, or a previously occupied residence that was for sale prior to May 11, 2009, and is still for sale after May 11, 2009; or
(2)
A single-family structure, including a condominium unit as defined in Code Section
44-3-71
that is occupied for residential purposes by a single family, that is:
(A)
An owner occupied residence with respect to which the owner's acquisition indebtedness, as defined in Section 163(h)(3)(B) of the Internal Revenue Code, determined without regard to clause (ii) thereof, was in default on or before March 1, 2009; or
(B)
A residence with respect to which a foreclosure event has taken place and which is owned by the mortgagor or the mortgagor's agent.
(b)
A taxpayer shall be allowed a credit against the tax imposed by Code Section
48-7-20
for the purchase of one eligible single-family residence made during the six-month period commencing on June 1, 2009, and ending on November 30, 2009. The amount of such credit shall be either 1.2 percent of the purchase price of such eligible single-family residence or $1,800.00, whichever is less.
(c)
The amount of the tax credit under subsection (b) of this Code section which may be claimed and allowed in a single tax year shall not exceed the taxpayer's income tax liability or one-third of the total amount of the credit allowed under subsection (b) of this Code section, whichever is less. Any excess or unused tax credit amount shall be carried forward to apply to no more than three succeeding years' tax liability. No such tax credit shall be allowed the taxpayer against prior years' tax liability.
(d)
(1)
A taxpayer shall submit to the commissioner a bona fide listing agreement with a real estate agent or broker licensed in this state, documentation that the eligible single-family residence was for sale directly by the owner without a real estate agent or broker, or other appropriate documentation deemed sufficient by the commissioner to validate the eligibility of the single-family residence for purposes of the tax credit under this Code section.
(2)
In the event the taxpayer files an electronic return, the documentation required under paragraph (1) of this subsection shall only be required to be electronically attached to the return if the Internal Revenue Service allows such attachments when the data is transmitted to the department. In the event the taxpayer files an electronic return and such documentation is not attached because the Internal Revenue Service does not, at the time of such electronic filing, allow electronic attachments to the Georgia return, such documentation shall be maintained by the taxpayer and made available upon request of the commissioner.
(e)
The commissioner shall be authorized to promulgate any rules and regulations necessary to implement and administer this Code section.
Amended by 2024 Ga. Laws 598,§ 1-8, eff. 1/1/2025, app. only to unused tax credits generated during taxable years beginning on or after 1/1/2025.
Added by 2009 Ga. Laws 260,§ 1, eff. 5/11/2009.
This section is set out more than once due to postponed, multiple, or conflicting amendments.