KY sweetens the deal for new construction
July 9, 2009
If you were thinking about buying or building new construction, you will definitely want to consider Northern Kentucky.
Kentucky Gov. Steve Beshear signed a new bill in to effect yesterday that gives a $5000 state income tax credit to buyers who purchase a new, never occupied home.
“Whether to become a homeowner is a significant decision as we all know particularly when times are tough like they are right now. This new homebuyer tax credit lets citizens know they can confidently move forward and they have the support to do so,” said Beshear.
If you already qualify for the $8000 first-time buyer credit, sorry, but you don’t get this credit too. This credit is specifically for homebuyers who do not qualify for the federal tax credit. Buyers must live in the home for two years and submit the credit application within seven days of closing.
The new construction market in KY and around the country, has been very hard hit by the housing slump and economis downturn. It’s estimated with each new home built, at least 50 jobs are created.
There is a twenty five million dollar cap on this tax credit. The new Kentucky home building credit will last for one year: from July 26, 2009 up until July 26, 2010.
Will this new credit push you out the door and into the model homes? Don’t forget to check out my tips for buying new construction before you head out.
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PLEASE ADVISE WHERE THE DETAILS CAN BE FOUND.
The KY Department of Revenue is your best source for all the details. You can go to http://revenue.ky.gov/. Under “Hot Topics” is a fact sheet for the New Home Income Tax Credit.
Hopefully this credit will benefit many. Thanks for a great post here. By the way, I know a great Kentucky home that might interest you too. Thanks.