March 24, 2017

Extra Louisville Kentucky Tax Rebate

New Louisville Construction

Interesting news about buying a new construction Louisville home.  An extra $5000 tax credit may be a reality for buyers of Louisville Real Estate that is brand new . We received word that HB 394 was passed in the House Appropriations & Revenue committee and now moves to the full House and Senate. The passage of this bill will allow us to use the KY tax credit along with the 1st & 2nd time homebuyer Federal tax credit and it will be retroactive!!  I’ll keep you updated on this bill.

 The official release was as follows:

 

House Bill 394, filed by Rep. Tommy Thompson, and co-sponsored by Rep. Bob Damron, Rep. Scott Brinkman, Rep. Ron Crimm and Rep. David Osborne, passed unanimously out of the House Appropriations & Revenue Committee, and will move to the Senate after passage in the full House.

 

 

This bill allows qualified buyers of new homes to utilize the state tax credit of up to $5,000 in conjunction with the Federal First Time Home Buyer Tax Credit of $8,000 for first time home buyers and $6,500 for repeat home buyers.

 

Prior to its passage, the bill was amended in Committee to also be retroactive for those individuals who were unable to take advantage of the state tax credit due to language incorporated at the Federal level in November of 2009, which inadvertently made the state tax credit of no consequence.

 

So buyers of new construction may be getting an additional $ 5000 dollars from the state of Kentucky.

 

For more info e-mail us or head to www.weselllouisville.com

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