December 26, 2010 |
The $858-billion federal tax bill signed into law by President Obama on Dec. 17 was a mixed bag for American homeowners, with elements of both the Grinch and Santa squeezed into the same bulging package. The goodies for select groups were well-publicized ? unemployment benefits extension, payroll tax cuts, continuation of the Bush income tax rates and favorable estate tax treatment for wealthy individuals, among others. The bill even pushed back the expiration date for the tax deductibility of mortgage insurance premiums for another year.
July 2, 1987 |
In a victory for Hollywood, the U.S. Claims Court ruled Wednesday that producers of television programs, rather than the TV networks, were entitled to about $500 million in investment tax credits claimed during the last 25 years.
June 8, 1999 |
Federal income tax credits, which can amount to 90% of the cost of building or rehabilitating an apartment complex, have come to represent one of the few low-cost sources of financing for both private and nonprofit developers of affordable housing. Tax-credit financing works like this: If a developer building a $10-million apartment complex qualifies for the maximum $9 million in tax credits, the developer can then sell the tax credits to a corporation at a discount--say, $7 million.
March 30, 1989 |
President Bush, abandoning a campaign promise that was a high priority for many of his conservative supporters and many religious leaders, said Wednesday that the government "can't afford" to provide tuition tax credits for parents who send their children to private schools. Tuition tax credits have been an issue of particular importance for Catholic education officials, including those in the Los Angeles Archdiocese, which sponsors the largest parochial school system in the nation.
July 21, 2006 |
Environmentally concerned car buyers will see some federal tax breaks for energy-efficient hybrids start shrinking this fall. Toyota Motor Corp. has hit the production limit -- 60,000 -- on vehicles eligible for a tax credit designed to encourage more buyers to choose gasoline-electric hybrids. That means the tax credits for Toyota and Lexus hybrids will be cut in half for drivers who purchase their vehicles beginning in October.
January 6, 1992 |
The White House is considering a variety of health-care proposals, including possible tax credits to help people buy health insurance, White House Chief of Staff Samuel K. Skinner said Sunday. But Skinner said that, although "a number of options are on the table," no decision has been made on which proposals to include in the President's upcoming budget requests to Congress.
September 30, 1998 |
Senate Republicans, all but conceding that they will be unable to pass the House's $80-billion tax cut, said Tuesday it is more likely that a small package of expiring tax credits favored by business would be the only tax measure to be approved before the 105th Congress adjourns. The credits, known as "extenders," amount to about $1.6 billion. Senate procedural rules require most controversial legislation to get 60 votes to overcome a filibuster.
CALIFORNIA | LOCAL
May 20, 1998 |
A new bill introduced by U.S. Rep. Elton Gallegly would give school teachers tax credits toward continuing education. The Simi Valley Republican said his Teacher Investment and Enhancement Act would offer up to a $4,000 annual tax credit to secondary school teachers looking to improve their knowledge in the subject they teach. "America has some of the best and most dedicated teachers," Gallegly said in a news release.
January 31, 2002 |
The Bush administration unveiled a plan Wednesday that relies largely on tax credits to help low-income Americans buy health insurance. The proposal set the stage for another partisan battle on Capitol Hill and renewed doubts that the growing number of Americans without health care would get any government help this year.
November 16, 1985 |
The House Ways and Means Committee, kicking off a three-day weekend of meetings on tax overhaul legislation, voted Friday to revamp many popular energy tax credits and to put new limits on tax credits for rehabilitating old buildings. The committee also voted to restrict insurance industry tax deductions but balked at President Reagan's proposal to tax the increasing value of whole life insurance policies.