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Federal and State of Kentucky Home Purchasing Tax Credit Program

The Federal home purchase tax credit has expired but your purchase of a newly constructed home may be eligible for a state tax credit of up to $5,000 on your Kentucky tax return. Any attached or detached home that has never been occupied qualifies. Credit expires July 25, 2010 for home sales closed on or prior to this date or until the $25 million dollar limit has been reached. For more information check out the Kentucky Department of Revenue website.

BOLD Homes has three homes ready for immediate occupancy and will match your Federal or State tax credit dollars. Contact Mike Kegley for more details at 859-657-6700.

THIS WILL BE THE LAST CHANCE TO USE THE TAX CREDIT

Even as Congress neared completion this week on legislation to extend and enhance the home buyer tax credit, proponents of the tax credit made it perfectly clear that the extension would have a limited shelf life and not be extended again when it expires next year.

Sen. Johnny Isakson (R-Ga.), a long-time champion of the home buyer tax credit, said: “This is the last extension of the home buyer tax credit. Tax credits like this only work by creating the sense of urgency to take advantage of it, and to bring the market back.”

On the floor of the Senate, Finance Committee Chairman Max Baucus (D-Mont.) said that it is important that this tax credit does not become a permanent fixture in the tax code. Our amendment would end the credit on April 30 of next year. This extension would get us through the winter, traditionally the worst season for real estate. Our amendment would jump-start the housing market as it enters the summer months of 2010. Baucus added that the seven-month extension of the tax credit would be “long enough to encourage home buyers to buy homes, but it’s short enough to remain fiscally responsible.

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