tax credit

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Dad of 2 Adopted Sons Defends Decision to Cut Tax Break

Rep. Kevin Brady says credit is 'not working,' explaining its removal in tax proposal

(Newser) - The tax overhaul in the works has drawn controversy over possible changes to 401(k) plans and deductions for homeowners, but another, lower-profile topic has emerged as a sore point. The House plan unveiled last week would eliminate a one-time tax break for families that adopt children. The break can be... More »

Tax Refunds Delayed for Low-Income Families

IRS needs more time to guard against identity theft

(Newser) - The IRS is delaying tax refunds for more than 40 million low-income families this year as the agency steps up efforts to fight identity theft and fraud. The delays will affect families claiming the earned income tax credit and the additional child tax credit. These tax breaks are geared to... More »

Obama Budget Looks to Expand Tax Breaks for Poor

Budget also calls for drastic shift in military footing

(Newser) - President Obama will release his annual budget blueprint today, and it's widely expected to go precisely nowhere in Congress. "It's designed primarily as an appeal to his Democratic base," writes Darren Samuelsohn at Politico . But the New York Times notes that Obama is using the opportunity... More »

Obama to Congress: Here's Your 'To-Do List'

Items include bringing jobs back to US, tax credits for small business

(Newser) - Because Congress loves being bossed around like nothing else, President Obama will today unveil a "to-do list" of priorities, which have historically had bipartisan support, and which he says will "help restore middle class security." "At this make-or-break moment for the middle class, we need to... More »

Jersey Shore Loses $420K Tax Credit

Governor 'duty-bound' to ensure state doesn't foot bill for MTV hit

(Newser) - Sorry, Snooki lovers: New Jersey's governor has nixed a $420,000 tax credit for Jersey Shore that would have covered production costs for the show's 2009 season. Gov. Chris Christie said the state's slumping economy and need to pump money into other programs dictated the decision, the... More »

Blogger: Chevy Dealers Gaming Volt Rebates

They're selling cars to each other to claim money, he alleges

(Newser) - A writer at the National Legal and Policy Center thinks something fishy is going on regarding the $7,500 federal tax credit offered on Chevy Volts. The post alleges that dealers are selling the cars to each other to claim the money, then reselling the cars as "used" to... More »

Obama Wants $100B Business Tax Break

President pushes to extend R&D credit for creating US jobs

(Newser) - Hot on the heels of his $50 billion infrastructure proposal , Barack Obama will call for a $100 billion business tax credit on Wednesday, administration officials tell the Washington Post . The proposal would increase and make permanent a research and development tax credit, in an effort to reward firms that develop... More »

Inmates Got $9.1M in 'Homebuyer' Tax Credits

IRS working to recoup money

(Newser) - Almost 1,300 prisoners, including 241 serving life sentences, filed for the Obama administration’s First Time Homebuyer Credit on their taxes, claiming they’d bought homes while incarcerated, according to a Treasury Department report released today. The IRS paid out $9.1 million on those claims, money it now... More »

IRS Cracking Down on Tax Preparers

Preparers to be required to register, pass exam

(Newser) - The IRS has unveiled plans to regulate America's tax-preparation industry for the first time. Independent tax preparers and employees of tax-preparation firms will be required to register, pass a competency exam, and take 15 hours of classes a year. The move follows an IRS study that found many of the... More »

Millions Must Repay Part of Stimulus Tax Credit

Withholding errors mean 15.4M will get smaller refund or owe money

(Newser) - An IRS tax credit designed to lighten the load on recession-addled taxpayers won't work out as well as hoped for about 15.4 million Americans. Because certain minutiae of the new Making Work Pay credit weren’t factored in to withholding tables, more than 10% of taxpayers who file individual... More »

Congress Extends Credit for First-Time Home Buyers

Also adds 20 weeks of jobless benefits

(Newser) - The House voted to extend and expand an $8,000 tax credit for first-time home buyers as part of a stimulus expansion expected to inject $45 billion into the economy. The legislation, which passed the Senate yesterday, also extends unemployment benefits for 20 weeks and creates tax breaks for businesses... More »

Goldman Deal May Bail Out Fannie Mae

But letting superbank load up on tax credits could be politically toxic

(Newser) - Goldman Sachs wants to buy millions in otherwise virtually worthless tax credits from Fannie Mae, but the mega-bank is so politically toxic right now that the Obama administration is considering blocking the deal, the Wall Street Journal reports. “Treasury is reviewing and will not let it proceed unless it... More »

Fido, Fetch My Tax Break!

Longshot GOP bill wants to make pet expenses deductible to boost economy

(Newser) - A bill with appealing benefits for pet owners and advocates alike is crawling through Congress, though it’ll probably be put down without ceremony. The HAPPY Act proposes pet expenses be tax deductible up to $3,500 a year, as a way to stimulate the economy and, of course, encourage... More »

Housing Industry Pushes to Extend, Boost $8K Tax Credit

Real-estate industry wants program expanded; critics say let it die

(Newser) - The real estate industry has loved the federal government’s $8,000 rebate for first-time home buyers, and some economists agree. But the policy is under scrutiny as some call for it to be extended beyond its Nov. 30 cutoff—at which point it’s projected to have cost the... More »

Lawmakers Pushing to Extend Stimulus Tax Breaks

(Newser) - It's like a second, mini-stimulus. Lawmakers from both parties are pushing to extend the life of various tax breaks and benefits included in the original $787 billion stimulus package, the Hill reports. All told, the wish list adds up to about $88 billion. The biggest chunk of that would be... More »

Congress Weighs Wider Home Tax Credit

$8K for first-time buyers may jump to $15K, apply to all sales

(Newser) - With the tax credit for first-time homebuyers set to expire in November, congressional efforts to increase it and broaden its reach are ramping up, reports USA Today. Chris Dodd, who leads the Senate Banking Committee, supports a proposal to raise the credit to $15,000 and extend it to all... More »

Home-Sale Index Skyrockets, Boosting Recovery Hopes

(Newser) - Pending sales of existing US homes soared in April, posting their largest jump since October 2001. Combined with a 3.2% jump in March, the 6.7% increase in April—far more than the forecast 0.5%—suggests a longer-term upward trend, the Wall Street Journal reports. Dipping prices, low... More »

Paper Industry Gets Tax Credits for Burning Diesel

(Newser) - A tax provision in the 2005 transportation bill offering credits for the use of alternative fuels has had an unintended, even disastrous, result in the paper industry: “Paper mills are adding diesel fuel to a process that requires none in order to qualify for the tax credit,"... More »

Tax Breaks for Car Buyers Added to Stimulus Package

Senate approves boost for auto industry as sales hit 27-year low

(Newser) - A new boost for automakers and car dealers has been added to the stimulus package before the Senate, reports the Los Angeles Times. The amendment—made on the same day that US car makers reported their worst sales in 27 years—would create an income tax deduction for both sales... More »

What the Stimulus Package Would Get Us

$800 billion, $647-page tome means big gov't again

(Newser) - President Obama’s $800 billion stimulus plan—which stood at 647 pages when it passed the House last week—signals a return to “unabashed” big government, the Los Angeles Times reports. Here’s what it means:
  • For the next 2 years, individuals making under $75,000 will get a
... More »

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