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The recovery law provides tax incentives for first-time homebuyers, people purchasing new cars, those interested in making their homes more energy efficient and parents and students paying for college. But all of these incentives have expiration dates so taxpayers should take advantage of them while they can.
First-time homebuyer credit
The Recovery Act extended and expanded the first-time homebuyer tax credit for 2009.
Taxpayers who didn’t own a principal residence during the past three years and purchase a home this year before Dec. 1 can receive a credit of up to $8,000 on either an original or amended 2008 tax return, or a 2009 return. But the purchase must close before Dec. 1, 2009, and an eligible taxpayer cannot claim the credit until after the closing date. This credit phases out at higher income levels, and different rules apply to home purchases made in 2008.
New vehicle purchase incentive
ARRA also provides a tax break to taxpayers who make qualified new vehicle purchases after Feb. 16, 2009, and before Jan. 1, 2010.
Qualifying taxpayers can deduct the state and local sales and excise taxes paid on the purchase of new cars, light trucks, motor homes and motorcycles. There is no limit on the number of vehicles that may be purchased, and you may claim the deduction for taxes paid on multiple purchases. But the deduction per vehicle is limited to the tax on up to $49,500 of the purchase price of each qualifying vehicle and phases out for taxpayers at higher income levels. This deduction is available regardless of whether a taxpayer itemizes deductions on Schedule A.
Energy-efficient home improvements
The Recovery Act also encourages homeowners to make their homes more energy efficient. The credit for nonbusiness energy property is increased for homeowners who make qualified energy-efficient improvements to existing homes. The law increases the rate to 30 percent of the cost of all qualifying improvements and raises the maximum credit limit to a total of $1,500 for improvements placed in service in 2009 and 2010. Qualifying improvements include the addition of insulation, energy-efficient exterior windows and energy-efficient heating and air conditioning systems.
Tax credit for first four years of college
The American opportunity credit is designed to help parents and students pay part of the cost of the first four years of college. The new credit modifies the existing Hope credit for tax years 2009 and 2010, making it available to a broader range of taxpayers, including many with higher incomes and those who owe no tax. Tuition, related fees, books and other required course materials generally qualify. Many of those eligible will qualify for the maximum annual credit of $2,500 per student.
Certain computer technology purchases allowed for 529 plans
ARRA adds computer technology to the list of college expenses (tuition, books, etc.) that can be paid for by a qualified tuition program (QTP), commonly referred to as a 529 plan. For 2009 and 2010, the law expands the definition of qualified higher education expenses to include expenses for computer technology and equipment or Internet access and related services to be used by the designated beneficiary of the QTP while enrolled at an eligible educational institution. Software designed for sports, games or hobbies does not qualify, unless it is predominantly educational in nature.
Making work pay and withholding
The Making Work Pay Credit lowered tax withholding rates this year for 120 million American households. However, particular taxpayers who fall into any of the following groups should review their tax withholding rates to ensure enough tax is withheld, including multiple job holders, families in which both spouses work, workers who can be claimed as dependents by other taxpayers and pensioners. Failure to adjust your withholding could result in potentially smaller refunds or in limited instances may cause you to owe tax rather than receive a refund next year. So far in 2009, the average refund amount is $2,675, and 79 percent of all returns received a refund.
For more on the Recovery provisions that may apply to individual taxpayers, see the ARRA page at www.irs.gov .
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In 2008, 7.1 million Californians performed 989.2 million hours of service with an estimated economic contribution of more than $18 billion.
Additionally, Californians gave more time than the national average, last year contributing 35.2 hours per resident compared to 34.2 nationally.
“Civic engagement belongs at the highest levels of state government, which is why I created the first state cabinet secretary for service,” said Gov. Arnold Schwarzenegger. “I am thrilled that more and more Californians have responded and joined us in the effort to strengthen our state and its communities through service, which is even more important during these difficult times.”
Last year, Schwarzenegger created the first state cabinet post dedicated to service and volunteering.
This action raised the profile of service in the Golden State to a national level; improved coordination of vital volunteer activities statewide and supported local service efforts; encouraged more Californians to become involved with service and volunteerism; helped California respond to natural disasters and emergencies; and gave California’s volunteers a voice at the highest levels of state government.
Following the establishment of the cabinet post, CaliforniaVolunteers, led by Secretary Karen Baker, launched a variety of programs and initiatives to support the nonprofit sector and expand the number of Californians who serve, including Surviving and Thriving during Tough Economic Times, Business Partner Program, Green Jobs Corps (in partnership with the Labor and Workforce Development Agency) and is developing the nation’s first statewide Disaster Corps to fully integrate volunteers into the state’s emergency management system.
First Lady Maria Shriver serves as the honorary chair of CaliforniaVolunteers and inspired the development of the California Volunteer Matching Network, the largest statewide online matching network in the nation. Additionally, Shriver led the construction of 31 new playgrounds with the help of nearly 20,000 volunteers in communities across the state.
"Every Californian has a role in strengthening our state and communities, because everyone can serve," said Shriver. "No matter what issue you care about - such as helping individuals with Alzheimer's, lending a hand to families struggling to put food on the table or supporting our military families. I'm proud that we’ve been able to promote thousands of service opportunities through the volunteer matching network at CaliforniaVolunteers.org."
The report is made possible by a partnership between CNCS, the U.S. Census Bureau and Bureau of Labor Statistics and provides a comprehensive collection of information on volunteering and civic engagement, with detailed data for all states and nearly 200 cities.
Sixteen California cities are included in the report: Bakersfield (20.1 percent of residents volunteer), Fresno (19.5 percent), Los Angeles (21 percent), Modesto (25.3 percent), Oxnard (27.7 percent), Riverside (20.8 percent), Sacramento (28 percent), Salinas (34.6 percent), San Diego (26.4 percent), San Francisco (29.5 percent), San Jose (32.7 percent), Santa Barbara (31.2 percent), Santa Rosa (38.8 percent), Stockton (25.3 percent), Vallejo (30 percent) and Visalia (24.1 percent).
To view the report in its entirety please visit: www.VolunteeringInAmerica.gov .
For more information regarding CaliforniaVolunteers or to find a volunteer opportunity in your community, please visit http://www.californiavolunteers.org/ .
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LAKEPORT – Just about anything you can make or grow at home is eligible for entry into competition at the annual Lake County Fair, but deadlines for entering exhibit items at the Lake County Fair are rapidly approaching.
Signed entry receipts for all divisions of exhibits must be in the fair office by 6 p.m. Friday, Aug. 7.
The fair office will close promptly at 6 p.m., and late entries are not accepted.
Signed entry receipts must be physically at the fair before the deadline; postmarks and faxed receipts will not be accepted.
Exhibitor Contest Handbooks are available online at the fair's Web site, and in a variety of locations around Lake County, including the Lake County Chamber of Commerce, the 4-H Office, Kelseyville Drug, Lower Lake Feed, Bobbie's Family Feed, Middletown Feed, Lakeshore Feed, the Clearlake Chamber of Commerce, Pet Acres and the Redwood Empire Fair.
For the 2009 Lake County Fair contests, all entry forms must be filled out on the Internet. Contestants can access information from any computer with Internet access at the fair's Web site, www.lakecountyfair.com .
A high speed Internet connect is required to complete the online forms. Computers are available in a variety of places, including schools, libraries, and the fairgrounds office.
Fairgrounds staff will be happy to assist contestants who visit the fairgrounds office during regular business hours. Contestants are well advised to avoid the last minute rush and get their entries completed soon.
There are no exceptions to the August 7th deadline, and entries for all competitions must be completed on or before that date.
The Lake County Fair Board has chosen "Fun in the Sun!" for the theme of the 2009 Fair.
The Lake County Fair traditionally occurs Labor Day weekend each year at the fairgrounds in Lakeport.
The 2009 fair dates are Sept. 3 through Sept. 6. The fair is one of Lake County's favorite summertime events enjoyed by more than 37,000 people each year.
For more information please call the fair office at 707-263-6181, or visit the fair on the Internet at www.lakecountyfair.com .
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The 19th biennial convention, hosted by the California Caucus, is at the Radisson Newport Beach Resort Friday through Sunday, Aug. 7 through Aug. 9.
Lake County attendees are Luisa Acosta, local NWPC president, and Teresa Thurman, communications vice president, both of Lakeport; and Wanda Harris, membership vice president, and Susanne La Faver, Northern California national representative, both of Hidden Valley Lake.
La Faver will introduce speakers for “Women Elect – Filling the Pipeline,” one of six breakout sessions Saturday, Aug. 8. Panelists are NWPC member Jane Hasler Henick, Assemblywoman Lori Saldana and West Hollywood Mayor Abbe Land.
Jane Hasler Henick is the moderator and panelist. A former NWPC-California president and board member, Henick chaired the committee that created the Women Elect Project document, a model for local chapters to use to put more women into office.
Lori Saldana, now in her third term in the California Legislature, serves as Speaker pro Tempore in the State Assembly. She also serves on the Veterans Affairs, Election and Redistricting, Revenue and Taxation, and Housing and Community Development committees.
Abbe Land serves as West Hollywood City council member and now mayor. Long a champion of affordable housing, Land helped create the West Hollywood Community Housing Corporation and the Affordable Housing Trust Fund to build and rehabilitate affordable housing for seniors, families and people living with disabilities.
Other breakout sessions Saturday are Healthcare Reform, Fair Pay, Reproductive Health Accessibility and Affordability, Money Management for Women, and Small Group Conversations with Women Leaders.
A panel discussion on the Title IX Education Amendments of 1972 is Saturday morning, August 8. It will be moderated by Karen Humphrey, executive director of California Postsecondary Education Commission. Panelists include Diane Milutinovich, director of Fresno University Student Union, who filed and won a Title IX lawsuit against Fresno State, and Margie Wright, National Collegiate Athletic Association division 1 softball coach, who recently won a Title IX discrimination suit against Fresno State, and State Senator Dean Florez who is crafting legislation to counteract Title IX discrimination.
The Saturday evening gala, Aug. 8, features California State Controller John Chiang, who will receive the “Good Guy” award and be a keynote speaker. Controller Chiang has long championed financial literacy and is using his position to empower working families.
Elected and community leaders participating in the convention include CA Assembly Speaker Karen Bass; CA Board of Equalization Chair Betty Yee; CA Senators Gloria Romero and Dean Florez; CA Assemblywomen Julia Brownley, Joan Buchanan, Fiona Ma, and Lori Saldana; CA Postsecondary Education Commission Executive Director Karen Humphrey; city council members Lindsey Horvath of West Hollywood and Jacque Robinson of Pasadena; West Hollywood Mayor Abbe Land; former Long Beach Mayor Beverly O’Neill; Los Angeles City Controller Wendy Greuel; MomsRising.org Co-Founder and Executive Director Kristin Rowe Finkbeiner; NARAL Board Member Vivian Shimoyama; Ameriprise Senior Financial Advisor Shannon Ryan; CA Nurses Association Co-President Geri Jenkins, RN; Paramount Studios Vice President Chris Essel; Planned Parenthood Central Valley Public Affairs Director Patsy Montgomery; Planned Parenthood Los Angeles County member Serena Josel; Fresno University Student Union Director Diane Milutinovich; National Collegiate Athletic Association Division 1 Softball Coach Margie Wright; NWPC President Lulu Flores; NWPC First Vice President and Vice President of Development Linda Young; NWPC CA President Teray Stephens; former NWPC-California President Jane Hasler Henick; and NWPC-CA Finance Chair Debilyn Molineaux.
The National Women's Political Caucus (NWPC) is a multi-partisan, multicultural grassroots organization dedicated to increasing women's participation in politics and creating a political power base to achieve equality for all women. Founded in 1971, NWPC prides itself in increasing the number of pro-choice women elected and appointed into office every year.
For more information, see www.nwpcca.org or www.nwpc.org .