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Tax Credit

NEWS
January 31, 2016 | By Tricia L. Nadolny, Staff Writer
Tens of thousands of Philadelphia's poorest citizens leave millions of dollars in federal tax credits on the table each tax season. This year, the city is making a new effort to see that money claimed. The city announced Friday that it will provide free tax preparation services at nearly 30 locations for many who are eligible for the federal Earned Income Tax Credit (EITC), part of an outreach program called "You Earned It. " An estimated 40,000 Philadelphians eligible for the tax credit have not taken it, leaving about $100 million in tax credits unclaimed, according to the city's revenue department.
NEWS
November 21, 2015 | By Martha Woodall, Inquirer Staff Writer
Philadelphia Archbishop Charles J. Chaput on Thursday called on Catholics to urge Gov. Wolf to release approval letters for corporate tax credits that help pay for scholarships for low-income K-8 students who will attend Catholic and private schools next fall. Chaput, who oversees the five-county Archdiocese of Philadelphia, said the tax credits were vital because they "assist many thousands of needy children. They do it by enabling Pennsylvania businesses to donate to qualified scholarship organizations.
NEWS
November 13, 2015 | BY INA LIPMAN
FIVE MONTHS overdue, the impasse over the state budget has caused tremendous hardship for many communities: from school districts borrowing money to operate, to social service organizations cutting programs for families in need until state grant money is allocated. Although challenging, when the budget eventually passes, those funds will refill their coffers and programs will be able to move forward. However, for thousands of low-income children in our city who are benefiting from the state's Education Improvement and Opportunity Tax Credit programs (EITC and OSTC)
NEWS
July 14, 2015
THE FIRING OF teacher Margie Winters by Waldron Mercy Academy in Merion on the basis of Winters' marriage to another woman comes at a time that guaranteed this to be a hot-button issue. It's just weeks after the Supreme Court ruled in favor of the legality of gay marriage, and months away from a visit from the pope, who is known for his messages of love, forgiveness and his suggestion of tolerance for gays. Layer this on top of many Catholics struggling to reconcile their faith against decades of church scandals involving child abuse by priests.
NEWS
July 10, 2015 | By Maddie Hanna, Inquirer Trenton Bureau
A project in Atlantic City could be awarded close to $33 million in tax credits when the New Jersey Economic Development Authority board meets Thursday. The EDA didn't give details Wednesday about the applicant, Atlantic City Contact Center L.L.C., or the project. A spokeswoman said she could not comment before Thursday's meeting. The meeting agenda says the tax credits - $3.27 million a year over 10 years - would encourage the applicant to "make a capital investment and locate in Atlantic City.
NEWS
July 9, 2015 | By Maddie Hanna, Inquirer Trenton Bureau
Gov. Christie announced Tuesday that he had signed into law a measure that will increase a tax credit for New Jersey's working poor. He proposed the increase at the end of the state budget process last month. But the Republican governor wasn't the only one crowing about the law, which will increase the state's earned income tax credit from 20 percent to 30 percent of the federal credit, benefiting 500,000 households. "I am pleased the governor signed my bill to increase the tax cut for the working poor," Senate President Stephen Sweeney (D., Gloucester)
NEWS
July 1, 2015 | By Andrew Seidman, Inquirer Trenton Bureau
TRENTON - New Jersey lawmakers on Monday passed a measure recommended by Gov. Christie to increase a tax credit for the working poor that could boost the take-home pay of more than a half-million households. The move came after Christie rejected the Democratic-controlled Legislature's proposal to raise taxes on income exceeding $1 million. The Republican governor vetoed that bill Friday and instead proposed increasing the state's earned income tax credit (EITC) from 20 percent to 30 percent of the federal credit.
NEWS
June 28, 2015 | By Andrew Seidman, Inquirer Trenton Bureau
TRENTON - Gov. Christie on Friday signed a $33.8 billion budget for the fiscal year that begins Wednesday, vetoing tax increases passed by the Legislature to fund the pension system but extending an olive branch to Democrats by proposing an increase in a tax credit for the working poor. Christie used his line-item veto authority to nix measures passed by the Democratic-controlled Legislature to raise taxes on income exceeding $1 million and on corporations, which Democrats said would have generated more than $1 billion in revenue.
NEWS
June 10, 2015 | By Allison Steele, Inquirer Staff Writer
Voorhees-based American Water Works has asked the New Jersey Economic Development Authority (EDA) for $164 million in tax credits to move its headquarters to Camden. The application is to be considered at Tuesday's meeting of the EDA at the Waterfront Technology Center in Camden. The EDA also will consider a request from a joint Rowan University/Rutgers-Camden board for $50 million to build a "health sciences" building in the city, according to the agenda. That building, on Broadway near Cooper Medical Center, would have classrooms, lab space and offices, and would house Rutgers-Camden's Center for Computational and Integrative Biology.
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.
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