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.
February 28, 2010 |
I wasn't thinking about tax credits when my 12-year-old water heater went on the fritz last fall. I was thinking about a hot shower. I called the plumber. A few sticky days and $1,000 later, I had hot water. Now, like millions of other consumers, I faced a tax challenge. The federal government decided to reward taxpayers who made their homes more energy efficient in 2009 by creating a series of tax credits for those who replaced furnaces, water heaters, air conditioners, insulation, doors, roofs, skylights and windows with more energy-efficient models.
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.
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.
July 12, 1990 |
A high-level panel of business and government leaders will recommend today a package of aggressive tax credits to revitalize the nation's semiconductor equipment industry, seeking to alter the Bush Administration's continuing opposition to an industrial policy favoring the electronics industry.
CALIFORNIA | LOCAL
September 6, 1991
Mayor Tom Bradley on Thursday urged California's congressional delegation to support the extension of an annually funded federal low-income housing tax-credit program that has generated 3,000 affordable units in Los Angeles over the past five years. Congress has not indicated whether it will renew the 5-year-old program, which provides $300 million worth of tax credits each year to investors who purchase interests in housing for low-income tenants over a 10-year period.