*The Kentucky New Home Tax Credit has been Extended. To qualify for this credit, home purchases must be concluded before January 1, 2011.
*The Kentucky New Home Tax Credit is NONREFUNDABLE. This means that if your Kentucky tax liability is less than the $5,000 credit, then you will only receive a credit for the amount that you owe; you will not receive a refund for the difference, nor can you carry the difference back or forward to other years. If your Kentucky tax liability is $5,000 or more you will receive the entire credit.
*In Order to Qualify for the Kentucky New Home Tax Credit:
*the home must be a previously unoccupied, single family dwelling in the State of Kentucky
*the home must become the buyers’ principal residence for at least two years
*the home must NOT have been built by the homeowners themselves
*Tax Credit Applications MUST be FAXED, not mailed. The fax number is (502) 564-3706. Applications must be received within seven days of the purchase date. Mailed applications will NOT be approved.
*It’s Not Too Late to Apply for the Credit if you purchased a qualifying new home between November 7, 2009 and June 4, 2010. Applications must be received by July 6, 2010.
*You May Qualify for BOTH the Federal Homebuyer Credit AND the Kentucky New Home Credit if you purchased a home between November 7, 2009 and June 4, 2010.
*For more information or for an application, refer to the Kentucky Department of Revenue: Kentucky New Home Tax Credit