Posts Tagged ‘kentucky housing tax credit’

Kentucky Adopts $5000 New Home Mortgage Tax Credit

I’ve always thought it was a little unfair that all the government housing stimulus package deals were for first time home buyers. Since I’ve purchased several houses I’m not eligible for any of the credit, even if I did decide to buy another home. However, that’s about to change for Kentucky.

The Kentucky General Assembly just added a new Bill that allows for a $5000 tax credit for those who purchase or build a new home within 1 year of the bills passage. The best part about the new bill is that it’s not for first time home buyers. First time home buyers will not be eligible for this credit because of the federal program, but it’s great news for home owners looking to trade up or down in housing.

There are of course a few rules and guidelines that must be met before you get the credit. First, they are only setting aside $25,000,000 in credits and it’s first come, first serve. If you want to take advantage of the mortgage tax credit get in early.

Second, the home has to be your primary residence and you have to live there for 2 years. I assume if you don’t you’ll owe the credit back.

If you want complete information feel free to download the entire document here.