December 6, 2009 |
Maryland Gov. Martin O'Malley proposed a temporary $3,000 tax credit Monday for every worker taken off the unemployment rolls in the coming year. The proposal was one of three legislative initiatives designed to aid small businesses that O'Malley said he would push when the legislature convenes next month. Also on his agenda: a proposal to expand access to credit and streamline the loan-approval process for small businesses, and still-unspecified reforms to the state's unemployment trust fund.
December 5, 2009 |
If you're thinking about applying for the new $6,500 federal tax credit for repeat home buyers or the extended $8,000 version for first-time buyers, here's some news: The IRS has just issued its first formal guidelines for you. Tops on the agency's list of advice? Cool it for a couple of weeks. Even if you qualify for one of the credits, don't send in any requests to the Internal Revenue Service quite yet. Wait until later this month, when the agency publishes its revised Form 5405 with all the key instructions needed to get...
June 6, 2009 |
Q: I recently read that if my spouse or I did not own a home in the three years before settling on a new home, we are entitled to claim a tax credit of up to $8,000. I own a condo, but my husband has never owned a home. We just signed a contract to purchase a home and settlement will take place within the next few weeks. Are we eligible for this credit? A: Unfortunately, the quick answer is no. The new law -- and the IRS -- have made it very clear that to qualify for the tax credit, neither the taxpayer nor his...
December 23, 2009 |
Federal programs designed to jump start the housing market helped boost sales of previously owned homes to their highest level since February 2007 and whittle down the excess supply of homes on the market in November. The National Association of Realtors reported on Tuesday that sales of existing single-family homes, townhomes, condominiums and cooperatives rose 7.4 percent in November from the previous month to a seasonally adjusted annual rate of 6.54 million homes. Sales were up 44 percent from a year ago, the...
August 12, 2012 |
President Obama and presumptive Republican nominee Mitt Romney clashed last week over a federal tax credit for businesses that produce wind and other alternative energy. In campaign events in Colorado, Obama emphasized his support for extending the tax credit and attacked Romney for opposing the extension, framing his opponent's stance as a threat to job creation. "At a moment when home-grown energy, renewable energy, is creating new jobs in Colorado and Iowa, my...
August 8, 2008
Michelle Singletary's July 31 column ["Unwrapped, Housing Tax 'Credit' Is Really a Loan," Business] seriously understated the value and potential impact of the $7,500 tax credit for first-time home buyers. Adopted as part of the recently enacted Housing and Economic Recovery Act, the tax credit is targeted to the largest single segment of the housing market -- the 40 percent of all buyers considering the purchase of their first homes. As these buyers regain their confidence and return to the market, their participation will...