Taxes

July 1, 2009 -- HONOLULU – Hawaii Governor Linda Lingle vetoed HB 1405 today because this legislation has immediate and adverse consequences for residents and businesses of Hawaii. This legislation would place Hawaii companies at a competitive disadvantage. As a consequence of this bill, Hawaii businesses would no longer be able to receive commissions for advertisements on their website that link to numerous national and international firms that offer goods and services to Hawaii residents.    » read more »

Introduces bipartisan bill to create tax break for consumers who buy water-saving appliances; Incentive similar to Energy Star program could save families $170 a year on water bills

June 23, 2009 -- Washington, D.C. – Today, U.S. Senator Mark Udall introduced a bipartisan bill that would create a tax credit for consumers and businesses who invest in water-saving appliances. The credit would be similar to the Energy Star credit for purchasing energy-efficient appliances, and could save families as much as $170 a year. The bill was also introduced in the House of Representatives by Colorado Republican Mike Coffman.

In a speech about the legislation on the Senate floor, Senator Udall said it is a win-win for consumers and water supplies in Colorado and across the country.    » read more »

Urges Adequate State Education Funding To Avoid Drastic Local Property Tax Hikes

June 23, 2009 --
LANCASTER – Pennsylvania’s next state budget must adequately invest in education in order to avoid drastic local property tax increases, Pennsylvania Governor Edward G. Rendell said today during a visit to a Fulton Elementary School in Lancaster.

The Governor cautioned that a budget plan offered and approved by Senate Republicans would force school districts to hike property taxes and cut programs, ultimately putting Pennsylvania $1.2 billion behind the goals established in law last year as part of a six-year school funding formula.    » read more »

June 19, 2009 -- WASHINGTON--As part of the Obama Administration's aggressive efforts to enforce U.S. tax laws and reduce offshore tax evasion, the U.S. Department of the Treasury today announced the conclusion of negotiations with Switzerland to amend the U.S.-Switzerland income tax treaty to provide for increased tax information exchange. Official signing of the protocol is expected in the next few months.

"This Administration is committed to reducing off shore tax evasion to help ensure that all U.S. taxpayers are playing by the same rules," said Treasury Secretary Tim Geithner. "This treaty will increase our ability to enforce our tax laws and will help bring an end to an era of offshore accounts and investments being used for tax evasion."    » read more »

Says unexpected additional revenue should be targeted at direct property tax relief

June 18, 2009 -- TRENTON - New Jersey Governor Jon S. Corzine today announced the State could collect as much as $700 million in unpaid, back taxes through its tremendously successful Tax Amnesty program and said that the money should be directed to New Jersey homeowners as property tax relief.    » read more »

Cutting Billions In State Spending To Balance $3.2 Billion Budget Deficit

June 16, 2009 -- HARRISBURG – Facing a national recession and a growing state budget deficit that imperils Pennsylvania’s long-range economic well-being, Pennsylvania Governor Edward G. Rendell today proposed a mix of remedies, including a temporary increase of one-half percent in the state’s personal income tax to 3.57 percent. The law would require the tax to return to 3.07 percent after three years.

The temporary increase proposed by the Governor would raise approximately $1.5 billion per year in new revenue. A temporary tax has been implemented successfully to address a fiscal crisis in Pennsylvania on three prior occasions.    » read more »

Jenkens & Gilchrist Attorneys, BDO Seidman Accountants, and Bankers Charged in Criminal Tax Fraud Related to Tax Shelters Generating Over Seven Billion Dollars of Fraudulent Tax Losses

June 9, 2009 --
An indictment was filed today charging seven individuals -- three former shareholders of the Jenkens & Gilchrist law firm (J&G), the former Chief Executive Officer and a former tax partner from the BDO Seidman accounting firm (BDO), and two former bankers from a foreign bank with headquarters in New York (Bank A) -- with tax fraud conspiracy and related crimes arising out of tax shelters promoted by J&G, BDO, and the bank.    » read more »

Revised legislation fosters innovation, job growth, and American competitiveness

June 9, 2009 --
Washington – U.S. Senator Blanche Lincoln (D-AR) this week helped introduce legislation to improve and simplify the research and development (R&D) tax credit, which has been an essential tool for spurring economic growth at home and American competitiveness abroad. The revised incentive will encourage greater innovation of new technologies and services.    » read more »

June 8, 2009 -- WASHINGTON -- Senator Orrin Hatch (R-Utah) today introduced legislation that would extend and expand the research tax credit, which would provide a boost to thousands of research-based companies in Utah. Hatch, a senior Republican on the Senate Finance Committee, was joined in the bill's introduction by Finance Committee Chairman Max Baucus (D-Mont.).    » read more »

June 5, 2009 -- Washington, D.C. – Working to ensure American telecommunications networks remain on the cutting edge of wireless technology and keep pace with foreign competitors, U.S. Senators Ron Wyden (D-Ore.) and Olympia Snowe (R-Maine) have introduced the Mobile Wireless Tax Fairness Act of 2009 to enact a five-year moratorium on new or increased taxes on wireless telecommunications infrastructure and services.    » read more »

“Mobile Wireless Tax Fairness Act of 2009” would grant a five-year moratorium on new telecom taxes

June 5, 2009 -- WASHINGTON, DC – Working to ensure American telecommunications networks remain on the cutting edge of wireless technology and keep pace with foreign competitors, U.S. Senator Kirsten Gillibrand joined today with Senators Ron Wyden (D-Ore.) and Olympia Snowe (R-Maine) in introducing the Mobile Wireless Tax Fairness Act of 2009 to enact a five-year moratorium on new or increased taxes on wireless telecommunications infrastructure and services.    » read more »

New Law Provides Tax Relief to Businesses That Hire New Vets, But Few Businesses Know About It

June 1, 2009 -- Albany, NY – As thousands of veterans return home from Iraq and Afghanistan, the tough economy is taking a toll. A new provision, signed into law by President Obama, would encourage companies to hire new veterans by providing a special tax break. However, New York businesses are not aware that they are eligible because the IRS is still working to implement the new tax break.

Joined today by New York State Senator Eric Adams, Assemblyman Adriano Espaillat, and local veterans, Senator Gillibrand launched a new public awareness campaign to encourage employers to hire new veterans and take advantage of the new tax break.    » read more »

FHA plan will stimulate new home sales and help stabilize housing market

May 29, 2009 -- WASHINGTON - Speaking to the National Association of Home Builders Spring Board of Directors Meeting, U.S. Housing and Urban Development Secretary Shaun Donovan today announced that the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration's new $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home. Donovan said that today's action will help stabilize the nation's housing market by stimulating home sales across the country.    » read more »

Awards Announced Under New Markets Tax Credit Program

May 27, 2009 -- BOSTON– Just 100 days since the President signed into law the American Recovery and Reinvestment Act (Recovery Act), Treasury Secretary Tim Geithner today announced $1.5 billion in New Markets Tax Credit (NMTC) awards for 32 organizations throughout the country.

With resources made possible through the Recovery Act, the NMTC Program injects private-sector capital investment into communities around the country to create jobs, stimulate economic growth, and jumpstart the lending necessary for financial stability. The awardees announced today are planning investments in renewable energy projects, charter schools, health care facilities, manufacturing companies and retail centers.    » read more »

May 27, 2009 -- Washington D.C. – Senators Jeff Merkley and Ron Wyden announced Wednesday that Albina Equity Fund in Portland is receiving $10 million in New Markets Tax Credits as part of the American Recovery and Reinvestment Act. These tax credits will help create jobs and spur economic growth by allowing Albina to provide capital for commercial and retail development in low-income communities.

The tax credits awarded to Albina are part of $1.5 billion in New Markets Tax Credits being distributed as a result of the Recovery Act. The New Markets Tax Credit Program , which was established by Congress in December 2000, enables taxpayers to receive federal income tax credits for investing in Community Development Entities, which make qualified investments in low-income communities.    » read more »