October 29, 2009 |
Senators agreed Wednesday to extend a popular tax credit for first-time home buyers and to offer a smaller credit to some repeat buyers. The tax credit provides up to $8,000 to first-time home buyers but is set to expire at the end of November. Senators agreed to extend the existing tax credit for first-time home buyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid (D-Nev.
April 4, 2010 |
Could Congress' ambitious second round of home purchase tax credits -- especially the $6,500 repeat-buyer credit -- turn out to be lacking in terms of economic stimulus clout? With the April 30 deadline to sign home purchase contracts for both the $8,000 first-time buyer credit and the $6,500 version looming, some real estate and building experts are concerned that fewer consumers may be motivated by the credits this spring than last fall. The $6,500 credit, in particular, appears to be generating little buzz among shoppers.
December 27, 2010 |
Dear Karen: Is the tax credit for hiring formerly unemployed people going to stay in effect for 2011? Answer: The Hiring Incentives to Restore Employment Act, or HIRE Act, was signed in March as part of President Obama's $18-billion jobs bill, but it expires at the end of this year, said Brandon Edwards, chief executive of the Tax Credit Co. in Los Angeles. The act provides businesses with an exemption from Social Security payroll taxes for every worker hired this year who had been unemployed for at least 60 days before the hiring.
February 22, 2009 |
If you had a job at any time during 2008 but didn't earn much money, you could qualify for one of the nation's most lucrative, and most frequently missed, tax breaks -- the earned income tax credit. It is a tax break that can land a family with two children a refund of as much as $4,824 -- even when they paid no federal income tax. But about one-quarter of those who qualify don't claim the credit, the Internal Revenue Service says.
June 29, 2011 |
California's film tax credit program is giving taxpayers a bang for their buck. So says a newly released study by the Los Angeles County Economic Development Corp., which shows the state's tax credit program pumped $3.8 billion into the California economy and created more than 20,000 jobs in the last two years. Based on an analysis of expenditures from nine projects that received film tax credits from the state in the first two years of the program, the LAEDC found that for each tax dollar allocated, the local and state governments get back at least $1.13 in tax revenue and the total gross domestic product in the state increases $8.48.
April 1, 1988 |
American corporations that owe taxes to Panama will be allowed the U.S. foreign tax credit if payments are made to the government of ousted President Eric Arturo Delvalle and not that of military strongman Manuel Antonio Noriega, the Internal Revenue Service said today. The announcement was aimed at discouraging U.S. businesses from sending tax payments to the Noriega government, which Washington does not recognize. Some large U.S.
June 29, 2010 |
An index of home prices in 20 major cities gained ground in April. But analysts warned that prices are likely to fall again as the effects of a popular federal tax credit for buyers begin to wane. Prices of previously owned single-family homes rose 3.8% in April compared with April 2009, according to the Standard & Poor's/Case-Shiller index of 20 metropolitan areas, a closely watched index of home prices. The 20-city index was also up 0.8% from March, the first monthly gain after six consecutive months of decline.
February 16, 2003 |
A coalition of housing groups said implementing a homeownership tax credit similar to the one proposed by President Bush in his 2004 budget would create jobs, bring private investment to economically distressed neighborhoods and boost homeownership rates among people of all backgrounds and income levels.
August 21, 2004
Re: "Teachers Lose Tax Break for Class Supplies," Aug. 15: It is despicable that our governor and legislators have suspended the tax credit for teachers' purchases of class supplies. How on Earth does that "difficult decision" square with the governor and legislators' failure to completely close a loophole that allows the wealthy to purchase a luxury yacht without having to pay sales tax? I think our state lawmakers have missed the boat on this one. It's bad enough that drastically shrinking school budgets have forced teachers to dig deep into their own pockets to provide a visually stimulating and rewarding classroom environment, but to suspend their small individual tax credit too?
June 24, 1990 |
As much as 40% of a special tax benefit for low-income families with children is being claimed by ineligible people, the Internal Revenue Service estimated Friday. As part of its audit program, the IRS found that in 1985, $818 million of the total $2.1 billion earned-income credit went to those who were found to be ineligible. Credits totaling $6 billion are expected to be claimed this year by more than 10 million working families.