December 17, 2014. As I mentioned in a previous update, I can't help but compare our long-term 2014 Nissan Rogue SL to the similarly sized 2014 Mazda 5 Grand Touring minivan I now own. Really, though, if tech features are what you're after, there is no legitimate comparison here.
The original first-time homebuyer tax credit provided buyers with a tax credit of up to $7,500. The tax break subsequently was expanded, with a new credit limit of $8,000 for first-time homebuyers and $6,500 for homeowners seeking to move into another residence. But as with all things tax, in order to get the most of this tax benefit, homeowners must follow the Internal Revenue Service rules. Paying back the 2008 tax year claim The original first-time homebuyer tax credit was not a true credit. Rather, it essentially was an interest-free loan from Uncle Sam, and every loan has payback terms. In this case, the credit is to be repaid in 15 equal payments of $500 each tax-filing time, beginning with 2010 returns.
Governor Brown recently signed into law the state's first ever EITC to help Californiaâs poorest working families. The California EITC complements the federal EITC by providing a refundable tax credit for the lowest income California households. The credit will be available beginning with tax returns filed for earned income earned in 2015. Many of us are already familiar with the federal EITC, which was first enacted in 1975 and is the largest federal tax benefit for families with children. California and 25 other states plus the District of Columbia now offer an EITC. In twenty-two of these states, the credit is refundable.