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Time running out for homebuyer tax break
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Members of the military can benefit from the homebuyer tax credit extension legislation, which has been extended to include sales until April 30.
“The homebuyer’s tax credit legislation has definitely spurred an increased interest in the real estate market,” said Pam Brandt, senior vice president at The Coastal Bank. “It’s generating hard-to-pass-up advantages to current homeowners looking to ‘step up’ into another home.”
Originally, the tax credit only applied to individuals with an income of $75,000 for single taxpayers and $150,000 for married taxpayers filing joint returns. The new tax credit extension and expansion includes individuals with an income up to $125,000 for single taxpayers and $225,000 for married couples filing joint returns. However, homes priced above $800,000 are not eligible for either the first-time homebuyer tax credit or the repeat homebuyer tax credit.
Current homeowners within the income guidelines will receive a $6,500 tax credit after purchasing a new home and new homeowners will still receive the original credit set at $8,000. In addition, President Barack Obama and Congress included special allowances for military service members in the new tax credit legislation.
“It’s important that we ensure that members of the military are provided with all the essential information they need to make a smart purchase, including the special rules that apply only to members of the military, the foreign service and the intelligence community,” Brandt said.
Congress acknowledged the unique circumstances surrounding members of the country’s armed forces by making exceptions that apply to both the $8,000 tax credit for first-time homebuyers and the $6,500 tax credit for repeat homebuyers.
“These special rules are especially beneficial to all military personnel looking for a new home and will not only help balance the fairness of the legislation, but also push the local real estate market in a positive direction,” Brandt said.
The military rules include an extension for one year beyond the current deadline of April 30, and an income expansion to qualified military service members who are ordered on a period of official extended duty. This includes any period of extended duty outside of the United States for at least 90 days during the period that began Jan. 1, 2009, and ends before May 1, 2010. The homebuyer tax credit applies to sales with a binding contract in place on or before April 30, 2011 and closed by June 30, 2011.
“We have a responsibility to spread the word to consumers that homebuyers do in fact have appealing alternatives in today’s changing market,” Brandt said. “If there were ever a time to consider purchasing a home, it would be now while such favorable incentives are available.”
Jennifer Mafera, a partner at HunterMaclean specializing in commercial and residential real estate law, said she agrees and added that the tax credit can help revitalize the housing industry and the economy at large. “The extension of the deadline and expansion to higher income families will hopefully not only give the sluggish housing industry a boost, but also trickle down to benefit other related industries and services such as home furnishings, appliances, landscaping services, home improvement, lawn equipment and so forth,” she said.

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Record April boosts Savannah's container trade at port
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The Port of Savannah moved 356,700 20-foot equivalent container units in April, an increase of 7.1 percent. - photo by Provided

The Georgia Ports Authority's busiest April ever pushed its fiscal year-to-date totals to more than 3.4 million 20-foot equivalent container units (TEUs), an increase of 8.8 percent, or 280,000 TEUs, compared to the first 10 months of fiscal 2017.

"We're on track to move more than 300,000 TEUs in every month of the fiscal year, which will be a first for the authority," said GPA Executive Director Griff Lynch. "We're also anticipating this to be the first fiscal year for the Port of Savannah to handle more than 4 million TEUs."

April volumes reached 356,700 20-foot equivalent container units, up 7.1 percent or 23,700 units. As the fastest growing containerport in the nation, the Port of Savannah has achieved a compound annual growth rate of more than 5 percent a year over the past decade.

"As reported in the recent economic impact study by UGA's Terry College of Business, trade through Georgia's deepwater ports translates into jobs, higher incomes and greater productivity," said GPA Board Chairman Jimmy Allgood. "In every region of Georgia, employers rely on the ports of Savannah and Brunswick to help them become more competitive on the global stage."

To strengthen the Port of Savannah's ability to support the state's future economic growth, the GPA Board approved $66 million in terminal upgrades, including $24 million for the purchase of 10 additional rubber-tired gantry cranes.  

"The authority is committed to building additional capacity ahead of demand to ensure the Port of Savannah remains a trusted link in the supply chain serving Georgia and the Southeast," Lynch said.

The crane purchase will bring the fleet at Garden City Terminal to 156 RTGs. The new cranes will support three new container rows, which the board approved in March. The additional container rows will increase annual capacity at the Port of Savannah by 150,000 TEUs.

The RTGs will work over stacks that are five containers high and six deep, with a truck lane running alongside the stacks. Capable of running on electricity, the cranes will have a lift capacity of 50 metric tons.

The cranes will arrive in two batches of five in the first and second quarters of calendar year 2019.

 Also at Monday's meeting, the GPA Board elected its officers, with Jimmy Allgood as chairman, Will McKnight taking the position of vice chairman and Joel Wooten elected as the next secretary/treasurer.

For more information, visit gaports.com, or contact GPA Senior Director of Corporate Communications Robert Morris at (912) 964-3855 or rmorris@gaports.com.

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