Kentucky Ups New Home Tax Credit

As we had previously written about back in April, Kentucky Joins in Tax Incentives for Home Buyers, some changes have been made. Here’s how to know if you qualify.

You can claim the credit if all of the following apply:

• Your qualified principal residence is a single family dwelling;
• Your qualified residence is purchased to be the principal residence of the qualified buyer(s) for a minimum of two (2) years;
• You purchase a new home after July 25, 2009 and before July 26, 2010; and,
• You meet qualifications and receive approval from the Department of Revenue.

You cannot claim the credit if:

• Your application is not received via FAX within seven (7) calendar days from the purchase date. Any application submitted via mail will be denied.
• Your new residence has been previously occupied.
• Your application is received after the New Home Tax Credit cap has been reached.
• You are eligible for first time homebuyer credit under Section 36 of Internal Revenue Code.

Please understand that you must apply for this tax credit and you must do so within (7) days of your closing. For all the details, please visit the Department of Revenue’s Web site for more details: New Home Tax Credit.