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.
June 15, 2014 |
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.
June 12, 2014 |
In one of the most generous development deals in state history, New Jersey awarded the 76ers $82 million in tax credits over 10 years to build a practice facility on Camden's waterfront. The dollar-for-dollar exchange allows the Sixers to recoup every cent they spend - not to exceed $82 million - on construction of a 120,000-square-foot state-of-the-art facility and team headquarters. For Camden, it means 250 new jobs - about 200 of which are already filled by Sixers administrators, players, and staff - and the hope that the state-of-the-art behemoth lures additional developers to its tax revenue-strapped city.
May 18, 2014 |
In a gritty industrial park tucked inside a middle-class Bensalem neighborhood, John F. McGeever III is living his dream. Since he was a teenager working for his father in the firm founded by his grandfather in 1929, McGeever wanted nothing more than to own the Charles Schillinger Co. His father sold the company in 1988. Seven years later, McGeever mortgaged everything and bought back the small metal-spinning and fabrication firm. "I always wanted to have the company," said McGeever, 58, a tall, lean, intense man with close-cropped white hair.
April 4, 2014
TWO QUESTIONS left over from a recent chat got me thinking again about people's fixation with the home-mortgage deduction. Understandably, around tax time, people wonder if they're getting all the deductions and credits they are entitled to take. One of the most-coveted tax breaks is on mortgage interest. So revered is this deduction that some folks who have the money to pay off their mortgages struggle over whether it makes sense to be debt-free. Here's an example: Q: I have enough money in savings to pay off my mortgage in full and still have a cushion for emergencies.
March 22, 2014 |
Nearly six months after the disastrous launch of Healthcare.gov, with the website running smoothly and more than five million people signed up as open enrollment heads to a close, a new glitch has come to light: Incorrect poverty-level guidelines are automatically telling what could be tens of thousands of eligible people they do not qualify for subsidized insurance. The error in the federal marketplace primarily affects households with incomes just above the poverty line in states like Pennsylvania that have not expanded Medicaid.
February 27, 2014 |
DELANCO The New Jersey Economic Development Authority has offered Dietz & Watson Co. $30.8 million in tax credits to rebuild a meat storage plant in Delanco destroyed by fire last year. Officials of the Philadelphia-based cold-cuts company did not return requests for comment Tuesday, or indicate if they were considering offers from other states for assistance to rebuild. The blaze started on the roof of the firm's main distribution plant early Sept. 1, and took 11 area fire companies two days to bring under control.
December 9, 2013 |
December is time to look over your personal finances with an eye to how tax rules in the current and new year will affect your pocketbook. For example, keep an eye on health care. Investopedia describes some tax advantages and disadvantages of the Affordable Care Act. It's a mixed bag next year, according to a post by Jean Folger. "Many people will be eligible for a new kind of tax credit, and if you are required to have health insurance and you don't have coverage, you will have to pay a penalty fee on your 2014 tax return," writes Folger.
December 6, 2013 |
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.
November 25, 2013 |
Boardwalk Empire , the hit HBO series about Prohibition-era Atlantic City, was filmed not at the Jersey Shore, but on a boardwalk built in Brooklyn. Silver Linings Playbook , the Oscar-winning feature film adapted from a book set in South Jersey, was shot over the river in Philadelphia. Though Silver Linings director David O. Russell and actor Bradley Cooper - a Philadelphia native - had wanted to film in Philadelphia, "certainly things set in Jersey would tend not to go there right now," said the film's coproducer, Mark Kamine.