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Tax Credits For Energy Efficient Improvements
According to the American Recovery and Reinvestment Act of 2009, tax credits for improvements to energy-efficient existing homes will be extended through 2010. Under current law, individuals are allowed a tax credit equal to 10% of the amount paid or incurred by the taxpayer for qualified energy efficient improvements installed during the taxable year. This tax credit is capped at $50 for any advanced main air circulating fan, $150 for any qualified natural gas, propane, oil furnace or hot water boiler, and $300 for any item of energy-efficient building property. For 2009 and 2010, the bill would increase the amount of the tax credit to 30%. The bill would also eliminate the property-by property dollar caps on this tax credit and provide aggregate $1,500 cap on all property qualifying for the credit.
First-time Homebuyer’s Credit
The 2008 Housing Act adds a new refundable tax credit for “first-time homebuyers”.
- Credit is the lesser of $7,500 ($3,750 for MFS) or 10% of the home’s purchase price.
- Available for principle residences purchased after April 8, 2008, and before December 1, 2009. (If taxpayer constructs the home, he/she must first occupy between these dates.)
- The credit is computed on Form 5405 and carried to line 69 of Form 1040.
A “first-time homebuyer” is an individual who had no present ownership interest in a principal residence during the three-year period ending in the date of the purchase of the principal residence to which the credit applies. If the individual is married, neither the individual nor his/her spouse may have had present ownership interest in a principal residence during that three-year period.
For more information about the 2008 First-time Homebuyer’s credit, consult your tax adviser. Additionally, President Obama’s Stimulus Bill creates and $8,000 credit for 2009.
Today’s Project… Homemade Play Dough
We just finished one of the kids favorite things to do, help mix things in the kitchen and make play dough creations in the backyard. Nathan’s preschool teacher at Lake Park shared with me a great play dough recipe. The kids helped me make 3 batches: Green (Nathan’s favorite color), Blue (Brandon’s favorite color) and pink. They are outside now making letters, numbers and animals with all the cookie cutters we have. Here’s the recipe, ENJOY…
SCENTED PLAY DOUGH
- 1 cup shifted Flour
- 1/2 cup salt
- 3 tbsp Veg. Oil
- 1 small pkg unsweetened powdered drink mix or food coloring
- 1 cup boiling water
Mix flour, salt, oil and drink mix. Add boiling water. Stir together; knead mixture until it forms soft dough. keep it in a plastic container with lid between uses.
Long-time Occupant Homeowner Exemption – Cook County
New exemption will allow homeowners residing in their homes 10 years or more to receive additional tax relief if the following requirements are met:
• Homeowner with a total household income of $75,000 or below will have an increase limited to 7% over the prior year’s taxable value, with no maximum exemption amount.
• Homeowner with a total household income greater than $75,000, but not exceeding $100,000 will have an increase limited to 10% over the prior year’s taxable value, with no maximum exemption amount.
Please note the Long-Time Occupant Exemption cannot be received with the 7% Expanded Homeowner Exemption or the Senior Freeze Exemption. The most beneficial exemption will be applied to the property.
If you would like additional information regarding this new exemption or any other exemption, go to www.cookcountyassessor.com.
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