$5,000 TAX CREDIT FOR NEW CONSTRUCTION HOMES

Great news for residents looking to purchase Kentucky real estate! There is a brand new $5,000 tax credit now available to Buyers who do not qualify for the $8,000 1st Time Home Buyer's Tax Credit! Several additional criteria must be met in order to take advantage of this credit.

• You must be purchasing a brand new home that has never been occupied.
• The home must be your principal residence for a minimum of 2 years.
• You must close on your home between July 26, 2009 and July 25, 2010.
• You must submit your application via fax only within 7 calendar days of closing on your home. The KY Department of Revenue will then notify you in writing if you qualify.
• Your application must be received before the $25,000,000 cap is reached.

There are additional requirements that must be met in order to receive approval for this credit. Please visit the KY Department of Revenue's website at www.revenue.ky.gov for additional information.

PLEASE NOTE: Unlike the $8,000 Tax Credit, this credit is nonrefundable so it only applies towards your tax liability with the state.