One tax benefit many of you may not be aware of is Henrico County’s Real Estate Advantage Program. This real estate tax relief program applies to individuals who are age 65 or older, or who are permanently and totally disabled. In general, to qualify your total gross income must not exceed $67,000 and your net worth (excluding the value of your personal residence) must not exceed $350,000. The deadline for applying for the tax relief, which is limited to $3,000, is April 1. For additional details, see here.
Archive for December, 2009
Henrico County’s Real Estate Advantage Program
Friday, December 4th, 2009Treasury’s Money Market Guarantee
Friday, December 4th, 2009The Guarantee Program for Money Market Funds expired on September 18, 2009. Treasury designed the Program to stabilize markets after a large money market fund’s announcement that its net asset value had fallen below $1 per share. Maintaining confidence in the money market mutual fund industry was critical to protecting the integrity and stability of the global financial system. Since inception, Treasury had no losses under the Program and earned approximately $1.2 billion in participation fees.
Homebuyer & Business Assistance Act of 2009
Friday, December 4th, 2009In recent news, the President signed H.R. 3548, The “Worker, Homeownership, and Business Assistance Act of 2009,” on November 6, 2009. The Act includes a number of changes for both businesses and individuals. Most notably, the Act extends the first time homebuyer tax credit (FTHTC) and liberalizes it by making it available to (1) higher-income taxpayers and (2) to existing homeowners who are qualifying “long-time residents” and who buy another principal residence. However, there is a now a dollar cap on the residences qualifying for the FTHTC.