In Effect from July 26, 2009 to December 31, 2010. The new home must close during
this period.
Purchasers of New Homes during that period will
receive up to $5,000 non-refundable tax credit (non-refundable means that the
credit will go against a tax liability to the state).
The new home buyer must live in the home for at
least two years or pay back the tax credit to the state.
There is $10 million remaining in the program.The tax credit program is over when that cap
is reached or December 31, 2010 whichever comes first.
Purchasers are defined as anyone other than first
time home buyers.
The new home must be the home owner’s principal
residence.A new home is defined as
either detached or attached and never been occupied.
Within seven calendar days after the purchase of
a qualified principal residence, the qualified buyer shall submit via fax a
completed application for the new home tax credit on forms provided by the
Kentucky Department of Revenue.
The Revenue Department will create a web site to
explain the credit to the public and to keep track of the amount of the program
cap dollars remaining.
