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What’s Happening at Wealth Dimensions
Jul 2, 2009
KY Home Buyers Tax Credit
The State of Kentucky recently enacted Section 104 of the Kentucky Revised Statutes 14 for new. The details of this new program are as follows:
- This is for NEW HOME purchases that close between July 24, 2009 and July 24, 2010.
- THIS DOES NOT APPLY TO FIRST TIME HOMEBUYERS who can benefit from the Federal program which provides an $8,000 credit, and the two programs CANNOT be used together.
- Purchases of new homes during that period will receive up to a $5,000 non-refundable tax credit against tax liabilities to the State of Kentucky.
- The program is capped at $25 million, so once it runs out, the program ends.
- The new home must be the purchaser’s principal residence and must never have been occupied.
- Within seven (7) days after the purchase, the buyer must submit via fax a completed application for the credit on forms provided by the Kentucky Department of Revenue.
- The new home buyer must live in the home for a minimum of two (2) years; if they don’t, they must repay the tax credit to the State.
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