Taxes

10/19/09 - Rep. Peter Welch called on Congress this week to close a loophole that allowed Verizon to avoid hundreds of millions of dollars in taxes when it sold its northern New England landline operations to FairPoint Communications.

In a letter to House Ways and Means Chairman Charles Rangel, Welch and representatives from New Hampshire and Maine said that Verizon's use of the Reverse Morris Trust (RMT) provision in the federal tax code cost taxpayers without delivering any corresponding public benefit.

As Verizon prepares to spin-off other landline operations throughout the country using the RMT loophole, Welch and his House colleagues warned that other regions could face problems similar to those experienced by FairPoint's northern New England customers since the sale.    » read more »

10/19/09 -- Congressman Phil Hare (D-IL) today was joined by local citizens and realtors in Moline, Canton, and Macomb to call for an extension of the $8,000 first-time homebuyer tax credit. The credit is set to end on December 1, 2009.

“The first-time homebuyer tax credit has been an undeniable success,” Hare said. “Extending it until the end of 2010 will continue to help our economy recover and give more families the chance to own their first home, a central component of the American Dream.”    » read more »

October 14, 2009 -- WASHINGTON, DC – Today, Congresswoman Carol Shea-Porter urged House Leadership to extend the tax credit for first-time home buyers and to consider including a smaller credit for other home buyers. In a letter to Speaker Nancy Pelosi and Majority Leader Steny Hoyer, Shea-Porter outlined why extending these credits would be beneficial to the housing market and help with our economic recovery.
A fully copy of the letter is below:

October 9, 2009

The Honorable Nancy Pelosi
Speaker of the House
H-232 US Capitol
Washington, DC 20515

The Honorable Steny Hoyer
Majority Leader
H-107 US Capitol
Washington, DC 20515

Dear Speaker Pelosi and Majority Leader Hoyer:    » read more »

October 15, 2009 -- WASHINGTON - A local Congressman is supporting efforts in Congress to extend a popular tax break for new homeowners. Rep. Brad Ellsworth says the First-Time Homebuyers Tax Credit has been wildly successful and should be extended for another year. Congress approved the 8,000 tax credit as part of the Economic Recovery Plan in February, but the program is set to expire on November 30, 2009.

Ellsworth co-sponsored legislation, H.R. 3640, to provide an extension and allow more homebuyers to participate. Specifically, the bill would extend the deadline to December 1, 2010 and open up the credit to all homebuyers purchasing their principal residence. Ellsworth said extending the tax credit will benefit more than just homebuyers:    » read more »

Less than three weeks remain to pay back taxes without penalties and interest

October 13, 2009 -- DOVER – Delaware Governor Jack Markell and state finance officials reminded taxpayers Tuesday that they have less than three weeks to take advantage of the state’s Voluntary Tax Compliance Initiative that will allow individuals and businesses to pay outstanding State of Delaware tax liabilities without penalty. The deadline for enrolling in the program is Oct. 30.

“This amnesty program is generating crucial funding to help government meet its core commitments, such as teachers in the classroom, police on the street and care for our most vulnerable citizens, while also benefiting taxpayers,” Markell said.    » read more »

October 14, 2009 -- WASHINGTON — U.S. Senator Carl Levin, D-Mich., issued the following statement today on the IRS announcement of preliminary results from its offshore bank account voluntary disclosure program. Levin is chairman of the U.S. Senate Permanent Subcommittee on Investigations, which has investigated tax haven abuse for the last decade.    » read more »

13 October 2009 -- WASHINGTON – Last week, U.S. Representative Mike Quigley (D-IL) voted to extend the First-Time Homebuyer tax credit for members of the Armed Services who served abroad this past year. H.R. 3590, which extends the credit for qualifying military personnel through November 30, 2010, passed the House of Representatives overwhelmingly by a 416-16 vote. The current tax credit is set to expire on November 30, 2009.    » read more »

Bipartisan Bill Will Modify Homebuyer Tax Credit for Overseas Military Personnel

October 8, 2009 -- (Washington, DC) – Congresswoman Suzanne Kosmas (FL-24) voted in favor of the Service Members Home Ownership Tax Act (H.R. 3590), which will make changes to home-buying provisions in the American Recovery and Reinvestment Act to benefit active-duty servicemen and women currently, or soon to be, deployed overseas. The bipartisan legislation passed by a vote of 416-0.    » read more »

Bill ensures that men and women serving overseas get equal access to tax credits and benefits

October 13, 2009 -- (Washington, DC) - Late last week, Congressman Baron Hill voted in support of the Service Members Home Ownership Act of 2009, H.R. 3590. The bill was passed by an overwhelmingly bipartisan vote on the evening of Thursday, October 8, 2009.    » read more »

Consumers can purchase energy-efficient products tax free October 9-12; claim state rebates and federal credits on qualifying products

October 09, 2009 -- RICHMOND – Virginia Governor Timothy M. Kaine today encouraged Virginians to take advantage of the state's third annual sales tax holiday on ENERGY STAR and WaterSense-qualified products. During this annual holiday, which will take place October 9-12, consumers can save money by buying certain qualified products tax-exempt, which will also deliver savings for years to come through lower home utility bills.

As with last year's holiday, high-efficiency products with ENERGY STAR or WaterSense certification will be exempt from sales tax.    » read more »

Bill Reduces Out-of-Pocket Expenses, Encourages Continuing Education

October 9, 2009 -- WASHINGTON – U.S. Reps. John Tanner (D-TN) and Dave Reichert (R-WA) have introduced a bill to increase and make permanent the maximum tax deduction available for teachers purchasing classroom supplies. The Teacher Tax Relief Act (H.R. 3758) also expands the deduction to include expenses associated with qualified professional development pursuits, such as continuing education.    » read more »

Speaker Pelosi
Office of the Speaker
H-232, US Capitol
Washington, DC 205 I5
October 7, 2009

Dear Speaker Pelosi:

As Congress continues to consider revenue sources for America's Affordable Health Choices Act and other health insurance reform proposals, we strongly encourage you to reject imposing an excise tax on so called high cost insurance plans. Such a tax would impact regions with high health care costs in the short-term, and, in the long-term, inevitably extend to more and more middle-income Americans across the country.    » read more »

Members who served out of the country for 90 days or more in 2009 will have an extra year to qualify for the $8,000 credit

October 9, 2009 -- Congresswoman Chellie Pingree voted on October 7 for legislation that grants a one-year extension of the first-time homebuyer tax credit for members of the Armed Forces who served overseas in the last year. The legislation passed the House 416-16.

“Our men and women in uniform should not be penalized because they are far from home serving their country,” said Pingree. “This credit is helping hundreds of Mainers make the dream of owning a home come true, and our military members and their families deserve the same opportunity.”    » read more »

October 9, 2009 -- Washington, D.C. - Representative Donna F. Edwards (D-MD) introduced legislation that would extend the first-time homebuyer tax credit for six months, H.R. 3773. Rep. Edwards was joined by Reps. Judy Biggert (R-IL), Chris Van Hollen (D-MD), Paul Broun (R-GA), John Sarbanes (D-MD), and Frank LoBiondo (R-NJ) as original co-sponsors. H.R. 3773 is the House companion to legislation introduced in the Senate by Senator Ben Cardin (D-MD), along with Senators John Ensign (R-NV), Harry Reid (D-NV), Johnny Isakson (R-GA), and Debbie Stabenow (D-MI).    » read more »

8 October 2009 -- Washington, DC – The House today passed the Service Members Home Ownership Tax Act of 2009, H.R. 3590, which includes a Blumenauer provision that allows members of the armed services, Foreign Service, and intelligence community to take full advantage of the 2009 First Time Homebuyer Tax Credit. The bill passed 416-0.

Currently, this credit cannot be claimed by those on temporary government assignment overseas, since the law requires the buyer to live in the home for 36 consecutive months.    » read more »