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Tax Credit

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NEWS
August 25, 2009 | By Carrie Rickey, Inquirer Movie Critic
It wasn't the Devil that made M. Night Shyamalan do it. It was the Harrisburg budget impasse. With uncertainty about whether Pennsylvania's film tax credit will be authorized in the state budget - now in Day 56 of limbo - the supernatural thriller (which Shyamalan wrote and is producing) has relocated production to Toronto. Though the filmmaker has shot eight of his nine features in the Philadelphia region - for an estimated economic impact of $375 million, according to the local film office - his backers couldn't wait any longer for legislators to approve the incentive that brings filmmaking and jobs to the state.
NEWS
February 17, 2004
IN HIS LETTER ("Unearned tax credit"), Vincent P.A. Benedict of Collegeville says he is dreading April 15 because he will be sending a check to the IRS. I am a single mother who has put herself through almost 10 years of college while working and supporting her family. I am so looking forward to the day when I will be making enough money that I actually "owe" money to the IRS. I will never forget the lean years when that Earned Income Tax Credit was there to help pay my gas and electric bills and help me to take my children to the Jersey shore for the weekend.
NEWS
November 21, 2003 | By Leonard N. Fleming INQUIRER STAFF WRITER
City Council yesterday called on state congressional leaders to help increase the number of working families benefiting from the federal Earned Income Tax Credit so they can climb out of poverty. In a resolution sponsored by Councilwoman Marian B. Tasco and unanimously approved by Council, city officials request that the IRS require employers to include tax-credit information when mailing federal W-2 tax forms to their employees. The tax credit offsets income taxes and provides refunds to families with two or more children who earn less than $34,692 a year.
NEWS
October 11, 2000
George W. Bush and Al Gore are offering both tax credits and tax deductions. What's the difference, and how do they work? Tax credits directly lower your tax bill. Broadly speaking, if you have $10,000 in taxable income, you're in the 15 percent federal tax bracket and owe $1,500 in taxes. For every child you have, you're entitled to a $500 tax credit. Let's say you have one kid: That $1,500 tax bill would be lowered to $1,000. Tax credits come in two varieties, refundable and nonrefundable.
NEWS
February 27, 2008 | By Patrick Kerkstra INQUIRER STAFF WRITER
City Council signaled yesterday that Mayor Nutter would have a difficult time deep-sixing already approved wage-tax cuts for the working poor to help pay for his proposed business-tax cuts. At least five Council members said in a budget hearing yesterday that they flat-out opposed or were deeply skeptical of calls to eliminate the so-called David Cohen tax credit, which was championed by the former city councilman, who died two years ago. "With an acknowledged rate of 25 percent of our citizens in poverty, I'm not satisfied that we're presenting a budget where we are more aggressive on our business-tax cuts," said Councilwoman Maria Qui?ones Sanchez.
NEWS
October 5, 1995
For 20 years now, Republicans and Democrats alike have supported the earned-income tax credit as a way to benefit Americans who "work hard and play by the rules. " By allowing working, poor Americans to keep more of what they earn, the tax credit provided an incentive for people to get off welfare - and to work at the low-paying jobs that are easiest for them to get. The tax credit program recognized and tried to alleviate an economic reality: Minimum wage jobs without benefits simply do not provide enough money to keep a family out of poverty.
NEWS
March 13, 1995 | By R.A. Zaldivar, INQUIRER WASHINGTON BUREAU
It was meant to be a different kind of federal program - one that would help struggling families without fostering dependency and inviting abuse. Called the Earned Income Tax Credit (EITC), the program uses the tax system to pay low-income families up to $2,528 a year to supplement their earnings. The goal: Reward the working poor and encourage them to stay off welfare. But with one in five American families now getting EITC payments, fraud is costing taxpayers $1 billion a year.
BUSINESS
January 3, 2013 | By Andrew Maykuth, INQUIRER STAFF WRITER
The extension of the federal wind-power tax credit as part of the fiscal cliff package was hailed as a victory Wednesday by renewable power advocates. But a Bucks County wind-turbine manufacturer, where much of the workforce was furloughed in September because of a slowdown in orders, is unlikely to ramp up production any time soon because of the last-minute Congressional rescue of the tax credit. "I think it will take a little while for this to work its way to the manufacturing sector, but it will be a stimulus," said David J. Rosenberg, the vice president of marketing for Gamesa USA, the Spanish wind-turbine manufacturer with U.S. headquarters in Langhorne.
NEWS
July 23, 2003 | By James Kuhnhenn INQUIRER WASHINGTON BUREAU
With child-tax-credit checks to be sent within days to millions of middle- and upper-income taxpayers, Senate Republicans urged GOP leaders in the House yesterday to compromise this week on an expanded child tax credit that would benefit low-income families as well. House leaders expressed little hope of acting on the $50 billion proposal before they recess this weekend for a month. At stake are checks of up to $400 per child for about 6.5 million families with incomes from $10,500 to $26,625, not enough to pay income taxes.
NEWS
September 25, 1995 | By R.A. Zaldivar, INQUIRER WASHINGTON BUREAU
Congressional Republicans are moving to scale back a major tax benefit for the working poor, even as they strive to expand tax breaks for wealthy investors, businesses and middle-class parents. Called the Earned Income Tax Credit, the $20 billion-a-year program uses the tax system to pay low-income working families with children up to $2,528 a year. Under current law, the maximum benefit for a family with two or more children is scheduled to rise to $4,320 by 2002. A Senate plan released Friday would roll that back to $3,888.
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NEWS
May 9, 2015 | By Andrew Seidman, Inquirer Trenton Bureau
TRENTON - New Jersey Senate President Stephen Sweeney introduced legislation Thursday that would raise the marginal tax rate on income above $1 million, a measure he said would help fund the pension system, but one that almost certainly will be vetoed by Gov. Christie. Sweeney (D., Gloucester) also proposed increasing a tax credit for the poor. Christie, a Republican, cut that credit in 2010 amid a budget shortfall. "No one likes to increase any tax," Sweeney said in a statement, "and it would not be necessary to do so if New Jersey did not rank near the bottom in economic, revenue, and job growth under the Christie administration.
NEWS
April 17, 2015
DESPITE the number of exemplary schools in this city, far too many Philadelphia youth are still attending low-achieving schools. For that reason I am a proud board member of Sky Community Partners. SCP is an independently audited 501(c)(3) organization that supports expanding educational opportunities and health and wellness in underresourced communities. SCP enthusiastically supports the Opportunity Scholarship Tax Credit and Education Improvement Tax Credit programs. These programs allow businesses to divert a portion of their tax liability from the state to fund scholarships for students in Pennsylvania.
NEWS
December 12, 2014
IT'S HARD enough managing one's own money, but navigating through financial issues with another person can be even more frustrating. I often get questions about marriage and money during my weekly online chats. The following are answers to two recent questions. "What happens when someone with a FICO score of 800-plus marries someone with a score of 400? I anticipate getting engaged soon but am not sure where to start dealing with financial matters. I love my boyfriend, but financial management is not one of his strengths, though it is one of mine.
NEWS
November 12, 2014 | By Allison Steele, Inquirer Staff Writer
Defense contractor Lockheed Martin will receive $107 million in tax credits to operate in Camden, the state Economic Development Authority said Monday. The company will create laboratory facilities in two downtown buildings and move about 250 jobs from the company's headquarters in Moorestown, according to the EDA. The company also has a laboratory in Cherry Hill. The company told the EDA that some of the jobs that will go to Camden are in danger of being eliminated due to increased competition in the defense industry, and that the subsidy will help save them.
NEWS
October 18, 2014 | By Claudia Vargas, Inquirer Staff Writer
City Council on Thursday approved a bill that would make it easier for fast-food firms, hotels, and other traditionally low-wage employers in Philadelphia to pay their workers $12 an hour. If signed into law by Mayor Nutter, an employer would get a $5,000 tax credit for each new full-time worker it hires and pays at least $12 an hour. The tax break would last five years. The bill, sponsored by Councilman W. Wilson Goode Jr. and unanimously approved, comes as some left-leaning groups are campaigning to raise the federal minimum wage to $10.10 an hour, while others want it raised to $15, as Seattle did in June.
NEWS
July 22, 2014 | By Amy Worden, Inquirer Harrisburg Bureau
HARRISBURG - In a state that boasts one of the nation's richest rosters of historic buildings, the long-awaited historic-preservation tax-credit program has become a reality. Two years after Gov. Corbett signed a bill creating tax incentives for restoring older buildings, the first recipients have been named - among them three high-profile projects in Philadelphia. The Department of Community and Economic Development said Monday that it had awarded a total of $3 million in tax credits to 15 commercial projects in 10 counties, including, in Philadelphia, the redevelopment of the old Liberty Title & Trust building next to the Convention Center; the restoration of Park Towne Place Apartments on the Parkway; and the adaptive reuse of St. Peter's Episcopal Church in Germantown.
NEWS
July 10, 2014 | By Julia Terruso, Inquirer Staff Writer
The New Jersey Economic Development Authority on Tuesday disclosed a proposal to award Holtec International Inc. a 10-year, $26 million tax credit to locate some of its operations in Camden. News of the potential project, listed online as part of a meeting agenda, comes a month after an $86 million tax credit was awarded to the 76ers to build a practice facility on the city's waterfront, moving there from Philadelphia. Holtec, based in Marlton and Jupiter, Fla., is a multinational power-plant supplier founded by Krishna P. Singh, who has an engineering doctorate from the University of Pennsylvania.
NEWS
June 26, 2014 | By Andrew Seidman and Julia Terruso, Inquirer Staff Writers
TRENTON - In an evening of drama, New Jersey lawmakers nearly fast-tracked a bill through the Legislature that would have made "Renaissance" schools in Camden eligible for tax credits and would offer early retirement benefits to certain employees of the public school district. At the eleventh hour, however, a Senate panel pulled the part of the measure pertaining to the tax credits. The bill, sponsored by Assemblyman Troy Singleton (D., Burlington) and Sen. James Beach (D., Camden)
NEWS
June 17, 2014
ISSUE | VOUCHERS Doing well while doing good Even though July 1 is an important business deadline, it's off the radar for too many company owners. That's the deadline for firms seeking a tax credit to make a meaningful contribution to education in their communities through the Educational Improvement Tax Credit and the Opportunity Scholarship Tax Credit. The first usually is oversubscribed, so last year the budget was increased to $100 million. The state Department of Community and Economic Development, however, estimates that as much as $20 million in these credits could remain unclaimed.
NEWS
June 15, 2014 | By Michaelle Bond, Inquirer Staff Writer
The proposed veterans housing project at the historic Whitehall Inn in East Vincent Township suffered another setback Thursday when it was denied for a second year in a row the state tax credits it needs to become a reality. Mission First Housing Group, a Philadelphia-based developer, was hoping to get low-income housing tax credits that would make up more than 80 percent of the $9.63 million it needs. Thirty-five of the 48 units would be reserved for veterans. The developer, Chester County officials, and community groups that support the project had been confident it would go forward this year.
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