Advertisement
 
YOU ARE HERE: LAT HomeCollectionsTax Breaks
IN THE NEWS

Tax Breaks

FEATURED ARTICLES
OPINION
December 6, 2013
Re "501(c)(4) rules without teeth," Editorial, Dec. 4 I applaud your editorial regarding the treatment of nonprofit organizations under IRS Code Section 501(c)(4) by returning to the letter of the law. That code section provides for the tax exemption of civic leagues or organizations not organized for profit but operated exclusively for the promotion of the general welfare. The IRS defined "exclusively" as "primarily," meaning that organizations can engage in other activities, including election-related activity.
ARTICLES BY DATE
OPINION
April 15, 2014 | By The Times editorial board
With lawmakers showing little enthusiasm for an ambitious proposal by House Ways and Means Committee Chairman Dave Camp (R-Mich.) to overhaul the byzantine U.S. tax code, Congress has to decide what to do about dozens of temporary tax breaks that expired Dec. 31. Among them is an exemption for forgiven mortgage debt that's an essential part of a broader federal effort to solve a nagging problem, namely the spate of defaults caused by the recession....
Advertisement
NEWS
April 12, 2013 | By Jon Healey
President Obama's budget proposal included a number of proposals to increase tax revenue not by raising rates but by cutting back on tax breaks. The Wall Street Journal's editorial board singled out one such measure for ridicule Friday: a cap on an individual's tax-sheltered retirement accounts at "an amount sufficient to finance an annuity of not more than $205,000 per year in retirement, or about $3 million for someone retiring in 2013. " The board's members seem to think that people won't save for retirement unless they're given a tax break to do so. Perhaps they're right about that; the savings rate in this country is abysmal , and about three-quarters of the people nearing retirement age have less than $27,000 saved for their dotage, according to a 2010 study . But think about that statistic for a moment.
BUSINESS
April 13, 2014 | By Kenneth R. Harney
WASHINGTON - Renewal of important expired federal tax benefits for homeowners took a major step forward recently, but the route to final congressional approval is beginning to look longer - and potentially bumpier - than previously expected. Here's why. The Senate Finance Committee overwhelmingly approved a package of tax code goodies that includes a two-year reauthorization of the Mortgage Forgiveness Debt Relief Act, plus similar extensions for deductions of mortgage insurance premiums and energy-saving improvements to homes.
CALIFORNIA | LOCAL
April 30, 1991
If our Sacramento legislators are writing bills to give tax breaks to special interests (April 21), perhaps we taxpayers should rejoice that we do not receive all the government we pay for. MARGARET W. ROMANI, Los Angeles
BUSINESS
December 30, 2013 | By Stuart Pfeifer
As 2013 comes to a close, so will dozens of tax breaks that save companies billions of dollars in tax liability. Congress has allowed 55 tax breaks to expire but will likely restore many of them, retroactively, in the coming months, the Associated Press reported.  In years past, the breaks have expired only to be restored in the months to come. “It's a totally ridiculous way to run our tax system,” Rachelle Bernstein, vice president of the National Retail Federation, told the AP. “It's impossible to plan when every year this happens, but yet business has gotten used to that.” PHOTOS: Most affordable zip codes for home buyers Some of the tax breaks are big, including billions in credits for research and development, generous exemptions for banks that operate overseas and several that allow businesses to write off capital investments faster.
NATIONAL
May 29, 2013 | By Lisa Mascaro, Washington Bureau
WASHINGTON - Federal income tax breaks disproportionately benefit wealthier households, according to a report issued Wednesday that is certain to become ammunition in the budget battles as Congress debates the best ways to reduce Washington's deficits. The nonpartisan Congressional Budget Office found that the top 10 major tax breaks "are distributed unevenly across the income scale," with the top 1% of households - those who make more than $450,000 a year - receiving more than 17% of the savings in 2013.
NEWS
May 29, 2013 | By Jon Healey
A new Congressional Budget Office report on the cost and beneficiaries of 10 of the largest federal tax breaks includes one surprising factoid that could make it harder for lawmakers to simplify the tax code by winnowing the thicket of credits, deductions and exemptions. The report published Wednesday estimates that these 10 breaks add up to $900 billion annually, or roughly two-thirds of the value of the more than 200 "tax expenditures" in the code. (Interesting side note: The CBO cautioned lawmakers not to assume that canceling these breaks would bring in $900 billion in revenue.
BUSINESS
June 25, 2013 | by Marc Lifsher, Los Angeles Times
SACRAMENTO - Gov. Jerry Brown's drive to revamp a nearly three-decade-old business tax break teetered late Tuesday as he struggled to round up commitments for aye votes from a needed two-thirds of the members of the state Senate. Lobbying and head counting on the controversial bill to all but eliminate the $750-million-a-year enterprise zone program forced multiple postponements of a scheduled 4 p.m. session and sowed doubts about whether the governor would get his way. The program "is wasteful.
CALIFORNIA | LOCAL
August 14, 1998
You heard a lot about pork in those frantic days when the California Legislature was putting the final touches on the state budget. Compared with Congress' largess, the pet projects in the state budget are relatively minuscule, of course: say $250,000 for a park in Calexico, $34,000 for the Lake Tahoe airport tower, $200,000 for the Bay Area World Trade Center and $250,000 to repair a lifeguard tower in Huntington Beach.
BUSINESS
April 10, 2014 | By Marc Lifsher
SACRAMENTO - Private space companies, such as SpaceX in Hawthorne, would get a local property tax break on launch vehicles, fuel, satellites and other gear under a bill approved overwhelmingly Thursday by the state Senate. The proposal, AB 777 by Assemblyman Al Muratsuchi (D-Torrance), would create the exemption from local property taxes for a 10-year period that would end Jan. 1, 2024. Legislation is needed to modernize the state's tax code to encourage companies such as billionaire Elon Musk's SpaceX to build their rockets and spacecraft in California, Muratsuchi said.
CALIFORNIA | LOCAL
March 25, 2014 | By Seema Mehta
Republican gubernatorial candidate Neel Kashkari unveiled a jobs plan Tuesday that calls for corporate tax breaks, hydraulic fracturing of some California oil deposits, reduced regulations on business and increased spending on water storage. The 10-point plan, focused on manufacturing, water, energy and the business climate, is the first policy Kashkari has set forth since announcing in January that he would run for office. The former U.S. Treasury official said his plan would "unleash" the private sector, creating hundreds of thousands of jobs.
NEWS
March 6, 2014 | By Jon Healey
FilmL.A. produced another one of its gloomy reports on runaway production Thursday, this time looking at the 108 films released last year by the 11 leading studios. One of the most galling findings : More of those films had been shot in Louisiana than in the state that's home to 10 of those studios (that would be California, in case you've forgotten). Louisiana, really? That's almost as bad as the Lakers getting stomped by the Pelicans. What's worse, as my colleague Richard Verrier reports , California's share of big-budget films has shrunk dramatically.
CALIFORNIA | LOCAL
January 12, 2014 | Julie Cart
Five years after the Obama administration's renewable energy initiative touched off a building boom of large-scale solar power plants across the desert Southwest, the pace of development has slowed to a crawl, with a number of companies going out of business and major projects canceled for lack of financing. Of the 365 federal solar applications since 2009, just 20 plants are on track to be built. Only three large-scale solar facilities have gone online, two in California and one in Nevada.
ENTERTAINMENT
January 8, 2014 | By David Horsey
How much longer can Hollywood claim to be the movie capital of the world? Can the California Legislature reverse the slide of film production away from Los Angeles simply by enhancing tax credits for the movie and television industry or, one day, will the Oscars be presented in Atlanta or Toronto or New Orleans? Such questions grow more pertinent year by year. Lawmakers in Sacramento are now mulling over a plan that would extend the current $100-million movie industry tax credit program that is set to expire on July 1, 2017.
OPINION
January 7, 2014
Re "Big tax breaks for the taking," Column, Jan. 5 As Boeing's threat to relocate final assembly of its new 777X from Washington state to whichever state or whichever workers can offer it the best deal shows, the race to the bottom continues. Corporations play one government against another to gain tax breaks and other benefits. The "winning" entity often receives dubious value in return for the gifts. The primary effect nationwide is to reduce the corporations' tax contributions, transferring the burden to individuals.
CALIFORNIA | LOCAL
September 17, 1997 | JOHN CANALIS
Orange Coast College will offer a class on tax breaks for public school employees. Marjorie Stanford, a financial planner, will conduct the seminar, which emphasizes tax laws specifically designed to benefit school administrators, teachers and classified employees. Information: (714) 432-5880.
NATIONAL
December 30, 2013 | By Evan Halper
WASHINGTON - Jennifer Tadlock doesn't yet have all the talent lined up for the small-budget dramatic action feature she hopes to film next year, let alone a full crew. But she does have a tax break, and it's expiring, which was enough to get her behind the camera last month. Tadlock spent about $500 to hire a skeletal crew and nonunion talent to film just one scene near her home in Fresno. "We did the makeup ourselves," she said. The scene, involving teenagers plotting to harass an elderly woman, may never appear in the final cut. But by shooting this year, Tadlock hopes to lock in place the tax break that was key for investors who put up the $6 million she'll need to shoot "Shades of Grace" for real next year.
BUSINESS
December 30, 2013 | By Stuart Pfeifer
As 2013 comes to a close, so will dozens of tax breaks that save companies billions of dollars in tax liability. Congress has allowed 55 tax breaks to expire but will likely restore many of them, retroactively, in the coming months, the Associated Press reported.  In years past, the breaks have expired only to be restored in the months to come. “It's a totally ridiculous way to run our tax system,” Rachelle Bernstein, vice president of the National Retail Federation, told the AP. “It's impossible to plan when every year this happens, but yet business has gotten used to that.” PHOTOS: Most affordable zip codes for home buyers Some of the tax breaks are big, including billions in credits for research and development, generous exemptions for banks that operate overseas and several that allow businesses to write off capital investments faster.
Los Angeles Times Articles
|