Tax Credit

Ford's newest C-Max is the ultimate plug-in gasoline-electric hatchback for fuel- and environmentally conscious drivers yearning for something new. Introduced for 2013, the C-Max Energi is an electric plug-in, tall, five-seat car that has a four-cylinder, gasoline engine as a backup. A driver can typically travel for up to 21 miles on all-electric power before the gas engine seamlessly takes over. Or, the driver can push a button to select gas-engine propulsion only — say, if he or she is headed directly onto a freeway — and...

Ford's newest C-Max is the ultimate plug-in gasoline-electric hatchback for fuel- and environmentally conscious drivers yearning for something new. Introduced for 2013, the C-Max Energi is an electric plug-in, tall, five-seat car that has a four-cylinder, gasoline engine as a backup. A driver can typically travel for up to 21 miles on all-electric power before the gas engine seamlessly takes over. Or, the driver can push a button to select gas-engine propulsion only — say, if he or she is headed directly onto a freeway — and...

For homes bought by April 30, 2010: $6,500 tax credit available for current homeowners buying a replacement principal residence $8,000 tax credit extended for first-time home buyers, or those who haven't owned a home for the previous three years

CARSON CITY, Nev. — A cameo by actor Nicolas Cage lent some pizazz to a hearing in the Nevada Legislature on Tuesday about a bill proposing tax incentives to entice filmmakers to the Silver State. In a three-piece suit with slightly rumpled hair, Cage guest-starred in the Senate Finance Committee meeting as Sen. Aaron Ford, D-Las Vegas, urged his colleagues to pass the film tax legislation. The Las Vegas resident who won an Academy Award in 1996 for "Leaving Las Vegas" also spent...

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.

Millions of American taxpayers may have erroneously claimed an education tax credit last year that was designed to provide relief as part of the Obama administration's economic stimulus program, according to a new federal watchdog report disputed by the Internal Revenue Service . As many as 2.1 million taxpayers may have erroneously claimed a total of $3.2 billion by taking advantage of the American Opportunity Tax Credit , which provides up...

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 or...

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...

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...

The wind power industry boasts enviable political assets in its fight to preserve a prized tax benefit. Republican and Democratic governors trumpet the benefits of wind energy; industry officials can identify manufacturing jobs at risk in crucial presidential election swing states if the tax credit expires; and a phalanx of lobbyists and consultants are working to ensure it stays in place for at least one more year. But now an unusual coalition is fighting the extension, including tea party...

The Washington area is taking advantage of the mortgage interest deduction at a higher rate than anywhere else in the country, according to a report by the Pew Charitable Trust. Nearly 37 percent of Marylanders who filed taxes claimed the break in 2010, the highest percentage in the country. They received an average deduction of $4,580, according to the report . Taxpayers who own a home and itemize their deductions can subtract interest paid on mortgage debt from their income.

This week, I answer readers' questions about birth-control coverage requirements under the Affordable Care Act and subsidized coverage on the state-based health insurance exchanges. Q: Regarding contraceptive coverage, some non-grandfathered plans, while initially offering no-cost contraceptives, have now informed their group members that only certain generic oral contraceptives are covered at no cost. Brand treatments are subject to co-pays. How can they get away with that? ...

Tuesday How to Win Small Business Research Grants. This seminar teaches the tricks of winning Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants. 8:00 a.m. to 5:00 p.m., Arlington County Economic Develpment, 1100 N. Glebe Rd., 15th Floor, Arlington. Sponsors: Center for Innovative Technology and Arlington County Economic Development. Cost: $80 to $200. Contact: 703-689-3080. Web site: www.cit.org/events . Wednesday Business Over Breakfast.

After months of negotiations, Congress passed the American Taxpayer Relief Act of 2012 on Jan. 1, putting off for now worries about a "fiscal cliff. " The bill, which was signed by President Obama on Jan. 2, raised rates for capital gains and estate taxes, while extending a number of tax credits, including those for college tuition, renewable energy, and research and development. Here, a snapshot of local companies — ranging from venture capitalists to railroad operators — that stand to be affected by the...

Virginia is well known as a top state to start and grow a technology business, thanks in part to policies, investments and incentives promoting research, entrepreneurship and job creation as well as science, technology, engineering and math education. The commonwealth's angel investor tax credit, research and development tax credit, research commercialization fund, capital gains tax exemption and Center for Innovative Technology GAP Funds program are vital to efforts...

The "fiscal cliff" bill that prevented income taxes from rising for most Americans also renewed special tax breaks for a variety of industries, from Hollywood to wind power, in what has become a perennial ritual on Capitol Hill. The tax breaks, which the Senate included in the legislation that ultimately passed Congress late Tuesday, will end up costing about $100 billion over the next two years. Some of the largest include the research-and-development tax...

Congress and the administration seem likely to extend the first-time-home-buyer tax credit . Senate Majority Leader Harry M. Reid wants to extend it through December 2010 but phase out the amount over time; Republican Senator Johnny Isakson, a former real estate agent, wants to extend it through June but double the income limit and make it available to all home buyers. This is a bad idea. The main argument for the tax credit is that it stimulates the economy and stabilizes the housing market.

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...

As lawmakers continue to negotiate on a deal to avoid the "fiscal cliff," one storied Washington law practice is holding its breath: Nixon Peabody's tax credit finance and syndication group, which puts together deals for major banks that invest in affordable housing developments in D.C. and around the country. Two important federal tax credits that give banks incentives to finance affordable housing and commercial properties in low-income neighborhoods are part of the tax "extenders" package that Congress...

AMERICA'S DEBATE on green energy is pathetic. In the past year, the two biggest green-energy issues in Congress have been whether to to strip the Environmental Protection Agency (EPA) of various authorities and whether to renew a crude subsidy for wind power . Here's the green-energy objective that Congress should pursue: transitioning the country off carbon emissions without unduly burdening taxpayers, consumers and businesses. The best way to do that is to put a tax on carbon emissions that ramps up over time.