Taxes

Legislation also expands business tax credits, extends unemployment benefits

November 5, 2009 -- In an effort to help recharge Alaska's economy and hundreds of small businesses, U.S. Senator Mark Begich today supported legislation to extend the first-time homebuyer tax credit, and the expansion of a program allowing businesses to relieve their tax burden.

The Worker, Homeownership and Business Assistance Act passed the Senate by a vote of
98 to 0. The Act, co-sponsored by Sen. Begich, continues the $8,000 first-time homebuyer credit through April 30, 2010, allowing purchasers with a valid contract an additional 60 days to close after that date. It also provides a $6,500 credit to new purchasers who have lived in their current residence for five years or more.    » read more »

Worker, Homeownership and Business Assistance Act Passes Senate

November 4, 2009 -- (Washington, D.C.) – Montana’s senior U.S. Senator Max Baucus today applauded the Senate for passing his bill to extend the $8,000 tax credit to more of Montana’s first time homebuyers.

The bill also includes tax help for Montana’s military families who must sell their homes because of a reassignment. Both measures were added to the unemployment extension bill that passed the U.S. Senate tonight.    » read more »

November 4th -- "Today I praised the Senate for its timely action to keep the $8,000 credit from expiring at the end of this month. In September, I led a group of Senators, including Johnny Isakson (R-GA), Harry Reid (D-NV), John Ensign (R-NV), and Debbie Stabenow (D-MI), introducing a bill to extend the first-time homebuyers' tax credit.

Today, the Senate passed the H.R. 3548, the Workers, Home Owners and Business Assistance Act, which included a provision I co-sponsored extending the first-time homebuyers tax credit and providing a new $6,500 tax credit for so-called step-up homebuyers who have been in their current home for the last five years. Both credits are designed to continue to provide a temporary boost to the housing market at a critical time in its recovery.    » read more »

November 5, 2009 -- NEWARK – Delaware’s one-time tax amnesty program is anticipated to net more than $22 million for the state, Delaware Governor Jack Markell announced Thursday.

The two-month long partnership between the Delaware Division of Revenue and the General Revenue Corporation, a subsidiary of Sallie Mae Corporation, is expected to clear more than 14,000 delinquent accounts. When the program was authorized this summer, estimates called for $10 million to be collected.

“During these challenging times, it is certainly good news that Delaware will have additional funds to help government meet its core commitments, like teachers in the classroom, police on the street and care for our most vulnerable citizens,” Markell said.    » read more »

03 November 2009 -- Washington -- Today, Congresswoman Kathy Dahlkemper (PA-3) today voiced her support of an extension of the first-time homebuyer tax credit. The $8,000 tax credit, which was made available as part of The American Recovery and Reinvestment Act, is set to expire on November 30.

“The $8,000 tax credit provides a strong incentive for people who are considering purchasing their first home,” Dahlkemper said. “As we continue to work toward economic recovery, providing these types of incentives will not only stimulate the housing market, but also allow first-time home buyers to live the American dream of owning a home. I hope to see this tax credit extended so we can continue to give a boost to the housing market.”    » read more »

Why is a Mature, 50-year-old Industry Still Asking for Massive Taxpayer Handouts?, Science Groups Asks

October 29, 2009 -- Earlier this week the Nuclear Energy Institute (NEI), the nuclear power industry's principal trade organization, released a proposal asking for billions of dollars in taxpayer subsidies and radical changes to the federal regulatory process that would shift even more risks and costs from the industry to the public.    » read more »

Bill Would Provide Extra Unemployment Assistance for Workers in States Like Ohio and Would Expand Homebuyer Tax Credit

November 2, 2009 -- WASHINGTON, D.C. – U.S. Senator Sherrod Brown (D-OH) announced his support for a bill that would provide for an extension of emergency benefits to unemployed workers and expand the homebuyer tax credit.

Brown is a cosponsor of the Worker, Homeownership, and Business Assistance Act of 2009, which would extend unemployment insurance by 14 weeks (with an additional six weeks for workers in high unemployment states like Ohio) and expand the first-time homebuyer tax credit to include existing homeowners who have not moved for five years or more.    » read more »

New Markets Tax Credit Program Includes $1.5 Billion Awarded Under the Recovery Act

October 30, 2009 -- CHICAGO-- As part of the Obama Administration's efforts to revive local economies, Treasury Secretary Tim Geithner today visited a job training center in Chicago benefiting from private sector investments made through the New Markets Tax Credit (NMTC) program. As part of his visit, Geithner announced $5 billion in NMTC awards, including $1.5 billion made possible through the American Recovery and Reinvestment Act (Recovery Act), for more than 90 organizations in communities around the country.    » read more »

October 31, 2009, WASHINGTON, D.C. – U.S. Representative Bart Gordon is supporting efforts in Congress to extend a popular tax credit that has benefited thousands of new homeowners in Tennessee. Gordon has strongly urged action on legislation that would extend the First-Time Homebuyers Tax Credit, which is set to expire at the end of November.

“This tax credit has been widely successful in Tennessee, where more than 35,000 people have taken advantage of it,” said Gordon. “By increasing housing demand, it has been effective in helping the housing market and our economy get back on track.”    » read more »

Panel will advise ways to boost efficiency, save taxpayer dollars

October 29, 2009 -- WASHINGTON – U.S. Senator Mark R. Warner (D-VA) today convened the first meeting of the U.S. Senate Budget Committee’s new Task Force on Government Performance. The bipartisan Task Force will examine the federal government’s management framework, recommend ways to improve the efficiency of federal programs and services, and identify potential taxpayer savings.    » read more »

Two Organizations In Minnesota To Be Awarded New Markets Tax Credits

Washington, D.C. - Oct 30, 2009 – Today, Senators Amy Klobuchar (D-Minn.) and Al Franken (D-Minn.) announced the distribution of $75 million to the National New Markets Tax Credit Fund Inc. and $15 million to the Great Neighborhoods! Development Corporation as part of the Treasury Department's New Market Tax Credit Awards program.

“Minnesota small businesses play a vital role in the development of our economy,” said Klobuchar. “These programs will provide the resources needed for Minnesota businesses and neighborhoods to build and sustain vibrant communities and ensure a successful future.”    » read more »

October 29, 2009 -- WASHINGTON, DC – Treasury Secretary Tim Geithner and HUD Secretary Shaun Donovan called on Congress to approve three important measures to improve housing and the housing market for Americans: extension of the First Time Homebuyers Tax Credit for a limited period, extension of higher loan limits for home mortgages, and secure funding for the Housing Trust Fund.    » read more »

Hundreds of Thousands Illegally Taking Advantage of Credit, Costing Taxpayers Over $100 Million

October 29, 2009 -- Washington, DC - With new reports that hundreds of thousands are illegally taking advantage of a tax credit to help get first-time homebuyers into the housing market without actually purchasing a home, U.S. Senator Kirsten Gillibrand today co-sponsored legislation that would crack down on fraud and improve oversight of the first-time homebuyer tax credit.

The U.S. Treasury Department Inspector General released a report this month revealing167 schemes and over 100,000 individual cases of fraud related to the first-time homebuyer tax credit - costing taxpayers over $100 million.    » read more »

October 29, 2009 -- Today Senate Banking Committee Chairman Chris Dodd (D-CT) praised the agreement to ensure that Americans would continue to have access to the Homebuyers Tax Credit. This tax credit is working to turn around the housing market and build economic security for millions of middle class families.

Dodd had joined Senator Johnny Isakson (R-GA) in pushing to extend the credit.

The final agreement includes Dodd and Isaksons’ provision to extend the credit to people looking to buy a new home after having owned and lived in a home for more than five years. More than 70 percent of existing homeowners will now be eligible to take advantage of this program and use the credit to buy a new home.    » read more »

October 27, 2009 -- WASHINGTON, DC -- Following the release of a Treasury Department Inspector General report detailing fraud related to the first-time homebuyer tax credit, U.S. Senator Bob Casey (D-PA) introduced legislation (S.1930) to add protections and increase oversight to the program.

“The first-time homebuyer tax credit has proven to be a popular and successful effort that has spurred the housing market and provided tax relief to 1.4 million Americans,” said Senator Casey. “Despite the success of the program, there are significant and troubling issues with its oversight. My legislation would help to fix these problems as we look to extend the tax credit to continue providing economic relief.”    » read more »