Kentucky HB 394 has passed the House Appropriations & Revenue committee and is now on to the full House and Senate. If this passes, it’ll be great news for home buyers in Louisville KY!
From the Home Builders Association of Kentucky (HBAK) comes further explanation.
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.
Update 5/12: House Bill 394, sponsored by Rep. Tommy Thompson, has passed the full House and is now in the Senate, where it will be taken up in the Senate Appropriations & Revenue Committee.