Kentucky’s New Home Buyer Tax Credit Bill Passed Out of Committee and is on the House Consent Calendar |
| March 4, 2010 |
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| 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. We will continue to keep you updated as the bill moves! |