tax credit

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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...

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...

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...

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...

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,"...

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...

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
...

Electric-Car Makers Want Fed Jolt, Too

Troubled firms call for government aid, bigger tax credits for drivers

(Newser) - The electric-car industry is facing the same problems as Detroit’s needy giants—plus a few of its own, the Wall Street Journal reports. Like Big Three leaders, electric-car reps have been to Washington seeking government help; struggling industry leader Tesla Motors wants $400 million from the $25 billion energy...

State Film Subsidies a Reel Pain
State Film Subsidies
a Reel Pain
Oct 12, 2008 9:43 AM CDT

State Film Subsidies a Reel Pain

Officials not so keen about deals like $27M bill for Brad Pitt movie

(Newser) - Talk about bad timing. State governments are having second thoughts about incredibly costly tax-incentive programs that have encouraged Hollywood filmmakers to shoot locally, the New York Times reports. While backers of the programs say they create jobs, other analysts argue that the system, which offers tax credits to producers, is...

McCain Health Plan Would Shrink Medicare, Medicaid

Cuts would help fund tax credits for buying care on open market

(Newser) - John McCain’s health care plan, based on tax credits, would be funded by cuts to Medicare and Medicaid, which analysts say could amount to some $1.3 trillion over a decade. The move would allow McCain to uphold his pledge of a “budget neutral” health strategy, the Wall ...

Obama Adds Hillcare to Health Plan

Nominee credits former opponent

(Newser) - Barack Obama has modified his health care platform with a policy straight from Hillary Clinton’s book—and he gave her credit, calling it "an idea championed by my friend Hillary Clinton, who's been leading the way in our battle to insure every American." The addition is a...

Ugly Betty Moving to Big Apple
 Ugly Betty Moving to Big Apple 
May 12, 2008 5:55 PM CDT

Ugly Betty Moving to Big Apple

Series moves to take advantage of new tax credit

(Newser) - Ugly Betty, long set in New York, will now be shot there too, ABC News reports. The series is moving production to the Big Apple because of the financial incentives of a new state film tax credit. The expanded tax, announced last month by Gov. David Paterson, raises the percentage...

Gas-Tax Break Shameful Policy
Gas-Tax Break Shameful Policy
OPINION
Apr 30, 2008 5:29 PM CDT

Gas-Tax Break Shameful Policy

McCain-Clinton pandering just another indication of backward US attitude

(Newser) - The “McCain-Clinton” gas-tax vacation is an abomination of energy policy, Thomas Friedman declares in the New York Times. “This is money laundering: We borrow money from China and ship it to Saudi Arabia and take a little cut for ourselves as it goes through our gas tanks.”...

Senate Passes Housing Aid Bill
 Senate Passes Housing Aid Bill 
Apr 10, 2008 3:02 PM CDT

Senate Passes Housing Aid Bill

Wins approval by wide margin, but House, Bush opposition leave fate uncertain

(Newser) - The Senate approved a $15 billion measure to address the housing slump today, including $6 billion in total tax breaks to homebuilding firms and a $7,000 tax credit for buyers of foreclosed homes. Though it passed by an 84-12 margin, opposition from President Bush and the House could yet...

Senate & White House Battle Today Over Stimulus Plans

House & Senate back rival packages

(Newser) - The Senate and White House face off today over economic stimulus packages designed to get consumers spending again. With bipartisan support, the Senate Finance committee approved a $157 billion plan that would give more than $1,000 to almost every family in the US. A White House proposal, backed by...

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