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Tax Credit

BUSINESS
April 16, 2011 | By Stephen Ohlemacher, Associated Press
WASHINGTON - The IRS approved more than a half-billion dollars in homebuyer tax credits to people who probably did not qualify, a government investigator said Friday. Most of the money - about $326 million - went to more than 47,000 taxpayers who did not qualify as first-time homebuyers because there was evidence they had already owned homes, the report by J. Russell George, the Treasury inspector general for tax administration, said. Other tax credits went to prison inmates, taxpayers who bought homes before the benefit was enacted, and people who did not actually buy homes.
NEWS
May 26, 2010 | By Alan J. Heavens, INQUIRER REAL ESTATE WRITER
New-home sales soared in April to levels not seen since before 2008's financial meltdown, but the expiring federal tax credit might be just part of the surge, industry experts say. Whatever the reason, the Commerce Department reported Wednesday that sales of new homes climbed a whopping 47.8 percent above April 2009, and were 14.8 percent higher than its revised rate for March. Although there are no regional sales data available, many Philadelphia-area builders reported that they, too, benefited from the tax credit, adding their own incentives to bring buyers in. The now-expired federal tax credit offered as much as $8,000 to qualified first-time buyers and a maximum of $6,500 to people who had not purchased a primary residence in the last five years.
BUSINESS
May 27, 2010 | By Alan J. Heavens INQUIRER REAL ESTATE WRITER
New-home sales soared in April to levels not seen since before 2008's financial meltdown, but the expiring federal tax credit might be just part of the surge, industry experts say. Whatever the reason, the Commerce Department reported Wednesday that sales of new homes climbed a whopping 47.8 percent above April 2009, and were 14.8 percent higher than its revised rate for March. Although there are no regional sales data available, many Philadelphia-area builders reported that they, too, benefited from the tax credit, adding their own incentives to bring buyers in. The now-expired federal tax credit offered as much as $8,000 to qualified first-time buyers and a maximum of $6,500 to people who had not purchased a primary residence in the last five years.
NEWS
October 13, 1995
The centerpiece in Newt Gingrich's tax smorgasbord is giving every family $500 per child every year. It's a poll-tested, "pro-family" humdinger. Never mind what Ross Perot and other meanies mention from time to time: that it would be financed with borrowed money. Now, the Senate Finance Committee is reportedly being urged to make this unaffordable gift to families even more politically correct. The new chairman, Sen. William V. Roth Jr. (R., Del.), wants to start it this year - a year sooner than the House dared - so that it would start putting borrowed money into people's pockets at refund time next spring.
BUSINESS
June 24, 2010 | By Alan J. Heavens, Inquirer Real Estate Writer
A government audit has found that thousands of taxpayers have fraudulently claimed the first-time home buyers' credit, and the Internal Revenue Service apparently missed them all. The fraudulent claims - some from prison inmates serving life sentences - totaled about $134 million, according to the Treasury Inspector General for Tax Administration. Some of the "questionable claims" for refunds were made by 87 IRS employees nationwide, according to Michael R. Phillips, the deputy inspector general for audit.
REAL_ESTATE
June 20, 2010 | By Al Heavens, Inquirer Columnist
The government's tax credits for home buyers are history now. I say that knowing full well that there are a lot of buyers anxiously waiting for lenders to come across with their mortgages in time for the settlement deadline. Obviously, not all the houses for sale were scooped up by eager first-time buyers hoping to get the maximum $8,000 back, or even by those in line for $6,500 if they hadn't bought a house in five years or more. "During this time, buyers were not as demanding, for fear of not having an agreement signed by April 30," said Weichert Realtors agent Diane Williams.
NEWS
December 6, 2013 | By Amy Worden, Inquirer Harrisburg Bureau
HARRISBURG Philadelphia developer Nolen Properties has plowed millions of dollars into restoring two historic but long-neglected properties in Mount Airy. Today the firm is almost done converting one, the historic Nugent Home, built for retired Baptist ministers, into affordable housing for senior citizens - a project budgeted at $17 million. The company had hoped to take advantage of a new state historic preservation tax credit to get a small measure of financial relief, maybe as much as $500,000.
BUSINESS
June 12, 2012 | By Joyce M. Rosenberg and ASSOCIATED PRESS
When Josh King heard that small businesses could get a tax credit for offering health insurance to employees, his reaction was, "Cool, that'll save us some money. " Then he looked at the not-so-fine print. The 23 employees of Avvo Inc., a website that provides legal, medical and dental advice, make too much money for the company to qualify for the credit. "It was a little bit disappointing. It was a little bit more limited than I thought," said King, general counsel for the company, which is based in Seattle.
NEWS
February 1, 2008
MAYOR NUTTER declared yesterday Earned Income Tax Credit Day. The announcement was his first mayoral proclamation. And it was also the first day of the EITC season. The economic environment that surrounds this tax season is bleaker than in other recent years. As the economy teeters on the brink of a recession, the Federal Reserve has cut interest rates twice in nine days. And the Senate is mulling an economic-stimulus package that, after it's reconciled with a House version, will send hundreds of dollars in tax-rebate checks to taxpayers.
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