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Tax Credit

BUSINESS
December 6, 2009 | By Kenneth R. Harney
If you're thinking about applying for the new $6,500 home buyer federal tax credit or the extended $8,000 version, the Internal Revenue Service has just issued its first formal guidelines for you. Tops on the agency's list of advice: Cool it for a couple of weeks. Even if you qualify for one of the credits, don't send in any requests to the IRS quite yet. Wait until later this month when the agency publishes its revised Form 5405 with the key instructions needed to get you a check from the government.
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BUSINESS
December 27, 2009 | By Lew Sichelman
Home buyers hoping to take advantage of a new or extended tax credit should not procrastinate: This third bite at the apple will be the last. Proponents of the $8,000 credit for first-time buyers and the $6,500 credit for move-up buyers made it clear during the debate on Capitol Hill that the benefits would not be renewed when they expire. And a lobbyist for the National Assn. of Realtors confirmed that at the group's annual convention last month. Lawmakers "made us promise practically in blood that we would not come back" for another extension, Linda Goold, the Realtor group's director of tax policy, told her members.
BUSINESS
September 8, 2010 | By Richard Verrier, Los Angeles Times
Like the sputtering national economy, Los Angeles' movie and television production economy is sending out mixed signals. After staging two consecutive quarters of growth and a dramatic recovery from a severe slump last year, L.A.'s production sector has slowed significantly. In the last 10 weeks, combined production days for the major categories were virtually flat compared with a year earlier, according to data from FilmL.A., the nonprofit that handles film permits. One production day is defined as a crew's permission to film at a single location over a 24-hour period.
NATIONAL
February 18, 2009 | James Oliphant
President Obama signed the $787-billion stimulus package into law Tuesday while in Denver, his first major legislative victory and the final stroke in a six-week effort to jump-start the nation's struggling economy. Both houses of Congress passed the bill last week despite little Republican support. Here are answers to some basic questions about the mammoth bill -- one of the biggest in U.S. history -- and how it could affect you and your family: -- How soon will I benefit from this?
CALIFORNIA | LOCAL
May 23, 2000 | MAIJA-LIISA NAGARAJAN
A multiunit low-income housing facility is closer to becoming a reality thanks to the help of a federal tax credit program. Many Mansions, dedicated to managing and developing low-income housing for the working poor in Thousand Oaks, will soon receive $1.7 million through the Low Income Housing Tax Credit program. Many Mansions houses more than 1,000 low-income residents in its six facilities throughout the city.
BUSINESS
April 8, 2005 | From Associated Press
A huge tax credit in the fourth quarter helped Rite Aid Corp. overcome disappointing sales and quadruple its earnings. The drugstore chain reported that it earned $223.4 million, or 35 cents a share, compared with $53.5 million, or 9 cents, a year earlier, after costs for preferred stock dividends. Without the $179.5-million tax credit, the company earned $43.9 million, or 6 cents a share. Revenue dropped to $4.34 billion, down 1% from $4.4 billion last year.
REAL ESTATE
April 17, 2005 | From Times wire reports
Legislation was introduced in Washington on Wednesday that would provide investors a tax credit to encourage the construction and rehabilitation of homes for low- and middle-income families. The House bill, modeled after the low-income rental housing tax credit, is expected to generate nearly $2 billion in private investment annually for the construction or rehabilitation of about 50,000 homes for sale to lower-income families each year. The measure, introduced by Reps. Tom Reynolds (R-N.Y.
NATIONAL
June 8, 2003 | From Times Wire Reports
The U.S. House of Representatives should pass and President Bush should sign legislation restoring a $400 tax credit to poor families that was excluded from tax cuts enacted last month, U.S. Rep. Rosa L. DeLauro of Connecticut said in the Democratic weekly radio address. The Republican-controlled Senate passed a bill Thursday to extend $9.7 billion to many poor parents and married couples that don't pay income taxes.
NEWS
April 10, 1993 | Associated Press
President Clinton's proposed tax break to encourage businesses to buy new machinery and equipment will likely be rejected in Congress, according to a published report. The New York Times reported in today's editions that the investment tax credit--intended to stimulate the economy and create jobs--has little support in Congress and among business circles. If it is rejected, Clinton could end up winning passage of virtually none of his stimulus plan.
OPINION
January 6, 2005
Re "Firms Pay Nothing, Get Plenty," Dec. 26: The legislative statute requires that businesses that purchase new manufacturing equipment receive a 6% tax credit. Sales tax on equipment in Los Angeles is 8.25%. The state is giving only a partial credit on the sales tax collected. For Assemblyman Mark Ridley-Thomas to be critical of this tax credit is tantamount to canceling income tax refunds because state government is running a deficit. Other members of the Legislature were unhappy that the State Board of Equalization was legally providing state-promised credits.
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