$5000 New Home Buyer State Tax Credit
June 10, 2010 3:25pm
The 2010 Extraordinary Session of the Kentucky General Assembly enacted House Bill 2, the State Budget, which included revisions to the nonrefundable new home tax credit. Governor Beshear signed this legislation into law on June 4, 2010.
• The new home tax credit has been extended to December 31, 2010.
• The cap has been lowered from $25 million to $15 million.
• Qualified buyer is now defined as a resident who purchases a qualified principal residence.
• Qualified buyers who purchased a qualified principal residence between November 7, 2009 and June 4, 2010, have until July 6, 2010 to fax an application for approval. If you purchased a home between these dates, you may qualify for this credit even if you qualified for the federal homebuyer credit.
• Qualified purchases made outside of the above referenced dates are still required to fax the application for approval within seven (7) calendar days from the date of purchase.
• To download the application, go to http://www.revenue.ky.gov
• The fax number is (502) 564-3706. Additional questions regarding the changes to the credit can be answered by calling the Individual Income Taxpayer Assistance Section at (502) 564-4581.