The Federal Tax Credits Blog

Posts Tagged ‘act’

Question: What’s the status on the $8000 tax credit extension?

So I’m in the process of getting my first house built and was supposed to close on Wednesday. Yesterday I found out that was not going to happen because the mortgage company is stuck waiting on some flood paper (stating that the land isn’t in a flood zone from what I understand).

The home builder then told me that it might be a week (or even an extra day) before they could get all of the paperwork done, missing the $8k tax credit. I’ve read online that they are trying to extend it for people that started before April 30th so that they could qualify up until September 30th.

Is that true or am I out of luck?

Answer: You read wrong. The extension is for active military and government employees who are stationed over seas. For everyone else the extention expires tomorrow.

MHI Hospitality Corporation Reports Financial Results for Second Quarter 2010

MHI Hospitality Corporation , a self-managed and self-administered lodging real estate investment trust , today reported its consolidated results for the second quarter ended June 30, 2010.

First Time Home Buyer Tax Credit and Other Mortgage Real Estate Related News

Question: Is Obama’s “Making Work Pay” tax credit another lie?

Rude surprise awaits taxpayers

WASHINGTON – Millions of Americans enjoying their small windfall from President Barack Obama’s “Making Work Pay” tax credit are in for an unpleasant surprise next spring.

The government is going to want some of that money back.

The tax credit is supposed to provide up to $400 to individuals and $800 to married couples as part of the massive economic recovery package enacted in February. Most workers started receiving the credit through small increases in their paychecks in the past month.

But new tax withholding tables issued by the IRS could cause millions of taxpayers to get hundreds of dollars more than they are entitled to under the credit, money that will have to be repaid at tax time.

http://news.yahoo.com/s/ap/20090430/ap_on_go_ca_st_pe/us_tax_credit_pickle;_ylt=AlNuKBh0lJn1TU61uI37BWGWwvIE;_ylu=X3oDMTJuMGwzMXJxBGFzc2V0A2FwLzIwMDkwNDMwL3VzX3RheF9jcmVkaXRfcGlja2xlBGNwb3MDNwRwb3MDNwRzZWMDeW5fdG9wX3N0b3JpZXMEc2xrA21pbGxpb25zZW5qbw–

Answer: I posted a question about this earlier today. Take a look at the goofy responses I got from libs.

http://answers.yahoo.com/question/index;_ylt=Ah1TlVttrpHiPEyIG5DNdt7sy6IX;_ylv=3?qid=20090501032729AAyMoke

Tax credit’s effect peters out, pointing to a lull in housing sales

With federal incentives for homebuyers set to expire, experts had expected a spike in Southern Nevada home sales last month. When they took a dive instead, some read it as a sign of things to come.

2010 Homebuyer Tax Credits Explained by Rick Davidson

Question: Can anyone prove that Reagan’s tax cuts were a major factor in the economic recovery of the late 80s?

I know that people state that Reagan cut taxes and credit it for the recovery. I’m asking if anyone can prove that the tax cut lead directly to the recovery, and it had nothing to do with the market self correcting itself?

Answer: Not one person can prove Reagan’s tax cuts were a major factor in the economic recovery of the late 80s.

Ronnie Burns in hell as wee speak.

Existing-Home Sales Rise on Home Buyer Tax Credit and Favorable Market Conditions

RISMEDIA, April 23, 2010—Buyers responding to the home buyer tax credit and favorable affordability conditions boosted existing-home sales in March 2010, marking the beginning of an expected spring surge, according to the National Association of Realtors. Existing-home sales, which are completed…

Gov. O’Malley Announces Job Creation Tax Credit – 3/26/2010

Question: Who does ” certain” apply too in American Clean Energy Act of 2009?

Amends the Internal Revenue Code to allow certain low income taxpayers a refundable energy tax credit to compensate such taxpayers for reductions in their purchasing power, as identified and calculated by the Environmental Protection Agency (EPA), resulting from regulation of GHGs. Requires: (1) the Administrator to implement the Energy Refund Program to give low-income households a monthly cash energy refund equal to the estimated loss in purchasing power resulting from this Act;

Answer: That is to be determined by some goofy bureaucrats.

Buy home, cash in

Homebuyers hoping to take advantage of the first-time homebuyers tax credit program will have to forgo the Internet and file their claims the old-fashioned way.

Homebuyers Tax Credit – 1

Question: If there is no cost to cap and tax why does it include a ‘credit to offset lost purchasing power’ 4 low income?

people only?

What about the middle class already hit hardest by everything else?

“Some interesting and disturbing points about HR 2454:

“Amends the Internal Revenue Code to allow certain low income taxpayers a refundable energy tax credit to compensate such taxpayers for reductions in their purchasing power, as identified and calculated by the Environmental Protection Agency (EPA), resulting from regulation of GHGs.”

And

“Requires: (1) the Administrator to implement the Energy Refund Program to give low-income households a monthly cash energy refund equal to the estimated loss in purchasing power resulting from this Act;”

The proposal itself acknowledges the loss of income all American’s will experience and tries to offset this loss for low income classes. Essentially the resolution that has been proposed admits that it is a new tax (loss of purchasing power) on the middle class.

Thoughts?

Answer: Thank You for showing those who don’t believe that it won’t tax although we could be talking with teens and young adults who don’t pay utility bills.

YOU KNOW I am starting to HOPE this will pass.

Why NOT!

Let the entire USA see what a JOKE this is and how it won’t create jobs but lose millions of jobs and collapse our economy.

The Congress also gave a Pass to this tax to businesses for their Representatives VOTE.

Could it get any worse.

CENTRAL JERSEY: Towns get back withheld aid from state

Christmas may be a bit merrier for area towns now that the state has announced the frozen December payments of Consolidated Municipal Property Tax Relief Act aid have been restored.

Nebraska Property Tax Credit Act Change LB 13