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Tax Credit

BUSINESS
December 27, 2010 | By Karen E. Klein
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.
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BUSINESS
February 22, 2009 | Kathy M. Kristof
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.
BUSINESS
June 29, 2011 | By Richard Verrier, Los Angeles Times
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.
REAL ESTATE
July 13, 2003
An expanded federal Earned Income Tax Credit program would ease housing affordability troubles for millions of working families, according to a study by the Brookings Institute, a Washington, D.C., think tank.
NEWS
April 1, 1988 | Associated Press
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.
BUSINESS
June 29, 2010 | By Alejandro Lazo, Los Angeles Times Staff Writer
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.
REAL ESTATE
February 16, 2003 | From Times wire services
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.
OPINION
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?
NEWS
June 24, 1990 | Associated Press and
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.
BUSINESS
June 29, 2012 | By Richard Verrier, Los Angeles Times
Lawmakers gave a preliminary thumbs up to a two-year extension of California's film tax credit, a mixed result for Hollywood backers who had pressed for a five-year extension but were relieved to get more money given the state's budget crunch. By a 5-1 vote Thursday, the Senate Governance and Finance Committee supported a bill that would extend the tax credit, which was due to expire in July 2013, through 2015. The original bill would have provided funding through 2018. California currently sets aside $100 million annually for dozens of film and television projects applying for credits that cover 20% to 25% of qualified production expenses.
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