Senators Stabenow, Peters Announce Multi-Million Dollar Tax Credit to Support Economic Development in Michigan
U.S. Senators Debbie Stabenow, a senior member of the Senate Finance Committee, and Gary Peters today announced a $55 million tax credit allocation for community development projects to grow the economy and create jobs in Michigan and three other states. The support comes through the Treasury Department's New Markets Tax Credit Program, which helps spur critical investments in low-income communities. Today's announcement will help Great Lakes Capital Fund invest in low-income areas in Michigan, Indiana, Illinois and Wisconsin.
LANSING, MI - August 3, 2010 - (RealEstateRama) -- Attorney General Mike Cox today announced the filing of a charge against Joseph Peters, 46, of Ada on one count of attempted felony false pretenses over $20,000. The charge comes as a result of an ongoing investigation into a questionable Michigan Film Tax credit application Peters filed with the Michigan Film Office
Washington D.C. - June 30, 2010 - (RealEstateRama) -- The House of Representatives today voted to extend the closing deadline for taxpayers seeking the homebuyer’s tax credit. H.R. 5623, the Homebuyers Assistance and Improvement Act of 2010 would extend the current deadline from June 30 to September 30, 2010, enabling an estimated 180,000 additional homebuyers to utilize the credit. Taxpayers must have entered into a written, binding contract prior to May 1st to claim the credit. The legislation also includes an important provision to crack down on reported instances of fraud identified in a recent report by the U.S. Treasury Inspector General for Tax Administration.
LANSING, MI - November 23, 2009 - (RealEstateRama) -- The Michigan Economic Growth Authority (MEGA) Board this week approved a $7.2 million tax credit for the NSO Bell project expected to invest $50 million in Detroit, State Senator Martha G. Scott (D-Highland Park) announced.
Washington, D.C. - November 18, 2009 - (RealEstateRama) -- Today, U.S. Representatives including Rep. Dave Camp, R-MI, introduced bipartisan legislation to boost solar panel manufacturing in the United States.
Washington, DC - November 9, 2009 - (RealEstateRama) -- On Thursday, the House of Representatives overwhelmingly passed HR 3548, the Worker, Homeownership, and Business Assistance Act of 2009 by a vote of 403 to 12. This bill provides critical aid to families in Southeast Michigan and across the country in the form of extended unemployment benefits, tax relief to businesses, and an extension and expansion of the homebuyers’ tax credit.
WASHINGTON, DC - November 6, 2009 - (RealEstateRama) -- Thursday, the U.S. House of Representatives passed H.R. 3548, the Worker, Homeownership and Business Assistance Act of 2009, to provide up to 14 additional weeks of unemployment for jobless workers, with an extra six weeks for those in high unemployment states such as Michigan who have or soon will run out of benefits. The bill, which passed the U.S. Senate on Wednesday, will now go to the president to be signed into law.
WASHINGTON, DC - November 5, 2009 - (RealEstateRama) -- Today Congressman Mark Schauer (D-MI) voted to stimulate the local economy and provide stability to Michigan families hit hardest by the recession by extending unemployment benefits, the homebuyers’ tax credit, and tax relief for military families and businesses. The Emergency Unemployment Compensation Extension Act (HR 3548) will provide immediate assistance, extending relief to the 62,753 Michigan workers whose benefits would otherwise run out by the end of the year.
$8,000 Credit, Which Is Helping Home Sales Rebound, Is Set to Expire at the End of Next Month. Washington, D.C. - October 22, 2009 - (RealEstateRama) -- Congressman Gary Peters today urged House leadership to extend the first-time homebuyer tax credit, a measure enacted in February that saves new homebuyers thousands of dollars and has helped the U.S. housing market rebound in recent months. The credit is set to expire November 30th. Congressman Peters, along with a bipartisan group of colleagues, today sent a letter (text below) to House Speaker Nancy Pelosi and Minority Leader John Boehner expressing their desire to extend the credit’s deadline.
Families Considering Buying Their First House Have Limited Time to Save Thousands of Dollars on New Home Purchase This Year. Washington, D.C. - July 2, 2009 - (RealEstateRama) — Congressman Gary Peters, the Michigan Association of Realtors and a local family who recently closed on their first home today gathered at the family’s new house to discuss the tax credit available—for a few more months—that can save first time homebuyers thousands of dollars on the purchase of a new home. The American Recovery and Reinvestment Act, the economic recovery plan Congress enacted in February, created a temporary tax credit worth up to $8,000 for first-time homebuyers to help families become homeowners in tough economic times and to spur home sales in a sluggish housing market. Southeast Michigan foreclosure rates are among the highest in the nation (according to RealtyTrac, Oakland County’s foreclosure rate is in the top 5 percent among all counties nationwide), so encouraging the purchase of empty homes is extremely important for the region.
March 30, 2009 - (RealEstateRama) — Legislation is on the move under the Capitol Dome to provide homeowner relief by way of a tax credit. Senate Bill 346, provides a tax credit for all homebuyers purchasing a home as their principle residence. If passed, the tax credit would be available to Michigan homebuyers from January 1, 2009 to January 1, 2011
March 23, 2009 - (RealEstateRama) — Legislation is on the move under the Capitol Dome to provide homeowner relief by way of a tax credit. Senate Bill 346, provides a tax credit for all homebuyers purchasing a home as their principle residence
February 06, 2009 - (RealEstateRama) — Last evening the United States Senate unanimously passed a bipartisan amendment, offered by REALTOR(r) Champions, Senators Johnny Isakson (R-GA) and Joe Lieberman (ID-CT) to the Economic Stimulus Bill creating a $15,000 tax credit to individuals who purchase a home in the next year