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Tax Credit

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.
NEWS
June 12, 2014 | By Julia Terruso, Inquirer Staff Writer
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.
NEWS
May 18, 2014 | By Robert Calandra, For The Inquirer
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.
NEWS
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.
NEWS
March 22, 2014 | By Don Sapatkin, Inquirer Staff Writer
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.
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