Good News for New Home Buyers in Kentucky!

Posted By on July 28, 2009

The Kentucky General Assembly has created a $5,000 tax credit for non-first time homebuyers purchasing newly built homes.

Governor Beshear signed this special legislation into law effective July 26, 2009 through July 26, 2010. The home must close during this time frame.

Here are some FAQ’s about the tax credit.

Q: What type of homes qualify?

A: Only newly constructed, never-lived-in single family homes qualify for this tax credit.  An existing home, or one that has been previously lived in, does not qualify.

Q: I am a first time home buyer. Do I qualify?

A: This tax credit is available only to people purchasing a new home who do not qualify for the Federal first time buyer $8,000 tax credit.

Q: Is the tax credit refundable?

A: No. You can only take the tax credit if you have tax liability. You will not receive a refund of this tax credit if you do not owe any state taxes.

Q: Is there a cap on the amount of tax credits?

A: Yes. The state has committed $25 million or 5,000 homes, whichever is used first.

Q: Can I get this tax credit on rental property?

A: No. The person claiming the tax credit must live in the home as their primary residence for a period of at least 2 years, or repayment penalties will be incurred.

Q: How do I claim the credit?

A: Within 7 days of purchasing the residence, the applicant must send in the qualifying documentation to the Kentucky Department of Revenue.  Please call Taxpayer assistance at the KY Department of Revenue for additional information: (502) 564-4581, or visit their website at http://revenue.ky.gov/NR/exeres/26792ABD-DF1E-4631-88C6-B6170D8983C3.htm

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About the author

Carolyn Rolfes is the President of Potterhill Homes. And she's also a Rolfes - as in daughter of Dan Rolfes, the infamous Red Tag Man of Holiday Homes. So what does that say about Carolyn and who she is? Plenty. When you grow up the daughter of man who does commercials in his red underwear, you have no choice but to have a great sense of humor and humility from a very young age. Carolyn and Dan founded Potterhill Homes in 2001 and she has grown it to be one of the most successful home builders in Cincinnati. Home building is in her blood and she has a keen awareness of what consumers look for in a new home and how to deliver value at all levels. And while we don't make Carolyn dress up in green underwear for our commercials, we bet she would if we asked!

Comments

One Response to “Good News for New Home Buyers in Kentucky!”

  1. Jean says:

    Good news for Kentuckians! Many should avail of this as this doesn’t happen all the time. Thanks for sharing. By the way, I know a great Kentucky home that might interest you too. Thanks.

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About Potterhill Homes

Cincinnati-based Potterhill Homes is a premier builder of affordable, environmentally friendly homes in Greater Cincinnati. Our homes are built with traditional Cincinnati architectural styles and are perfect for both urban infill and suburban development. To learn more about Potterhill Homes,visit www.potterhillhomes.com.


About the authors

Carolyn Rolfes is the President of Potterhill Homes. And she's also a Rolfes - as in daughter of Dan Rolfes, the infamous Red Tag Man of Holiday Homes. So what does that say about Carolyn and who she is? Plenty. When you grow up the daughter of man who does commercials in his red underwear, you have no choice but to have a great sense of humor and humility from a very young age. Carolyn and Dan founded Potterhill Homes in 2001 and she has grown it to be one of the most successful home builders in Cincinnati. Home building is in her blood and she has a keen awareness of what consumers look for in a new home and how to deliver value at all levels. And while we don't make Carolyn dress up in green underwear for our commercials, we bet she would if we asked!