The 2009 KY General Assembly passed a new home tax credit for home buyers, which will be capped at $25 million, so if you are looking to take advantage of this credit, you should act fast. Qualified buyers are those who purchase a single family dwelling. The program is not available to buyers that are eligible for the first time home buyer tax credit under section 36 of the Internal Revenue Code. The credit shall apply to the tax liability of a qualified buyer who purchases a qualified residence within one year of the passage of this act. For more information about the credit, visit http://www.lrc.ky.gov/record/09SS/HB3.htm.