--- title: O.C.G.A. § 48-7-29.17. Tax credits for purchase of eligible single-family residence. collection: code id: 48-7-29.17 cite_as: O.C.G.A. § 48-7-29.17 (2025) canonical_url: https://georgiacommons.org/code/48-7-29.17 md_url: https://georgiacommons.org/code/48-7-29.17.md text_url: https://georgiacommons.org/code/48-7-29.17/text source_url: https://www.legis.ga.gov/api/document/docs/default-source/joint-features-document-library/t48-ch7-8-(v37)-2024-pdf.pdf?sfvrsn=1ff964a3_0#page=187 date: 2025 status: active corpus_version: 2025-supplement-89aa39ab3c68 license: CC0-1.0 publisher: Georgia Commons, an independent project of Georgia Civic Data. Not the State of Georgia. Not legal advice. up: https://georgiacommons.org/code/48-7.md previous: https://georgiacommons.org/code/48-7-29.16.md next: https://georgiacommons.org/code/48-7-29.18.md index: https://georgiacommons.org/code/index.md version: Effective January 1, 2025. in_force: true other_versions: - version: Effective until January 1, 2025. in_force: false md_url: https://georgiacommons.org/code/48-7-29.17.md?version=until+January+1%2C+2025 current_through: Including Acts of the 2025 Regular Session of the General Assembly heading_path: REVENUE AND TAXATION / INCOME TAXES / IMPOSITION, RATE, COMPUTATION, EXEMPTIONS, AND CREDITS extraction_warnings: - dehyphenation_unverified:mort-gagor’s --- # O.C.G.A. § 48-7-29.17. Tax credits for purchase of eligible single-family residence. (a) As used in this Code section, the term “eligible single-family residence” means: (1) A single-family structure, including a condominium unit as defined in Code Section 44-3-71 that is occupied for residential purposes by a single family, that is a new residence, a residence occupied at the time of sale, or a previously occupied residence that was for sale prior to May 11, 2009, and is still for sale after May 11, 2009; or (2) A single-family structure, including a condominium unit as defined in Code Section 44-3-71 that is occupied for residential purposes by a single family, that is: (A) An owner occupied residence with respect to which the owner’s acquisition indebtedness, as defined in Section 163(h)(3)(B) of the Internal Revenue Code, determined without regard to clause (ii) thereof, was in default on or before March 1, 2009; or (B) A residence with respect to which a foreclosure event has taken place and which is owned by the mortgagor or the mortgagor’s agent. (b) A taxpayer shall be allowed a credit against the tax imposed by Code Section 48-7-20 for the purchase of one eligible single-family residence made during the six-month period commencing on June 1, 2009, and ending on November 30, 2009. The amount of such credit shall be either 1.2 percent of the purchase price of such eligible single-family residence or $1,800.00, whichever is less. (c) The amount of the tax credit under subsection (b) of this Code section which may be claimed and allowed in a single tax year shall not exceed the taxpayer’s income tax liability or one-third of the total amount of the credit allowed under subsection (b) of this Code section, whichever is less. Any excess or unused tax credit amount shall be carried forward to apply to no more than three succeeding years’ tax liability. No such tax credit shall be allowed the taxpayer against prior years’ tax liability. (d)(1) A taxpayer shall submit to the commissioner a bona fide listing agreement with a real estate agent or broker licensed in this state, documentation that the eligible single-family residence was for sale directly by the owner without a real estate agent or broker, or other appropriate documentation deemed sufficient by the commissioner to validate the eligibility of the single-family residence for purposes of the tax credit under this Code section. (2) In the event the taxpayer files an electronic return, the documentation required under paragraph (1) of this subsection shall only be required to be electronically attached to the return if the Internal Revenue Service allows such attachments when the data is transmitted to the department. In the event the taxpayer files an electronic return and such documentation is not attached because the Internal Revenue Service does not, at the time of such electronic filing, allow electronic attachments to the Georgia return, such documentation shall be maintained by the taxpayer and made available upon request of the commissioner. (e) The commissioner shall be authorized to promulgate any rules and regulations necessary to implement and administer this Code section. ## History Code 1981, § 48-7-29.17, enacted by Ga. L. 2009, p. 945, § 1/HB 261; Ga. L. 2024, p. 794, § 1-8/HB 1181, effective January 1, 2025. ## Editor's Notes Ga. L. 2024, p. 794, § 4-1/HB 1181, not codified by the General Assembly, makes the amendments to this Code section by Part I applicable only to the unused tax credits generated during the taxable years beginning on or after January 1, 2025. ## Amendments The 2024 amendment, effective January 1, 2025, substituted “no more than three succeeding” for “the taxpayer’s succeeding” in the second sentence in subsection (c). See Editor’s notes for applicability. ## Delayed Effective Date Code Section 48-7-29.17 is set out twice in this Code. This version is effective January 1, 2025. For version effective until January 1, 2025, see the preceding version.