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Tax Credit

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.
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.
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.
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?
March 23, 2011 | By Richard Verrier, Los Angeles Times
Veteran producer and talent manager Larry Thompson was captivated by the true story of the Amish community in Nickel Mines, Pa., that somehow managed to forgive a gunman who killed five girls in a 2006 schoolhouse shooting. Thompson believed the story would make for an inspiring TV movie about the power of faith and forgiveness, but he knew the dark subject matter would be a tough sell in Hollywood. In fact, the Lifetime Movie Network initially passed on the story, though it eventually agreed to broadcast the film.
November 5, 2009 | Jim Puzzanghera, Richard Simon and Alejandro Lazo
The Senate today voted to extend and expand a tax credit for home buyers as an added boost for the recovering real estate market, and also approved a provision to continue giving aid to the long-term unemployed. The measure, adopted on a strong bipartisan vote of 98-0, also would extend and expand a tax benefit for businesses with losses. The House is expected to follow suit within days, and President Obama is expected to sign it into law. To keep fueling the real estate rebound, the legislation would extend the $8,000 tax credit for first-time home buyers to April 30. It now is set expire at the end of the month.
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.
February 9, 2009 | Ben Meyerson and Sarah Gantz
The Senate's proposed $15,000 tax credit for home buyers would boost the ailing housing market but do little to help low-income people who need it most, experts say. The measure, which is part of the $827-billion economic stimulus plan that the Senate is due to vote on Tuesday, would offer the credit to anyone who buys a primary residence. But to take full advantage of the credit, buyers would have to earn enough to use it and spend at least $150,000 on a home.
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.
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.
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