GA HB1153

Creates a state income tax credit for purchases of newly constructed homes built by residential contractors or builders, available to buyers earning no more than 80% of the area median income

Tax credit takes effect January 1, 2027, and cannot exceed the taxpayer's income tax liability for the taxable year

Buyers must submit an application to the commissioner for approval; the commissioner has 60 days to review and approve qualifying applications

Georgia Department of Revenue is authorized to adopt rules, regulations, and forms to administer the tax credit program

"Area median income" is defined as the median income for the geographic area where the newly constructed residence is located, as determined by the department