CollectionsTax Credit
IN THE NEWS

Tax Credit

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.
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.
NEWS
March 11, 1998 | By Tom Avril, INQUIRER TRENTON BUREAU
With income-tax season at hand, state officials yesterday urged low-income New Jersey families to apply for special federal refunds that last year averaged $1,400 per household in the state. Called the earned-income tax credit, the program paid out $18.9 billion nationwide last year. To qualify, families with two or more children must earn less than $29,290. Those with one child must earn less than $25,760; childless families must earn less than $9,770. The program came under fire last year after the U.S. Treasury Department reported that a quarter of the 1996 refunds went to people who were not poor enough to qualify.
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.
« Prev | 1 | 2 | 3 | 4 | 5
|
|
|
|
|