Tax Credit

If you are thinking of purchasing a home in the next year, you should be aware of the tax credit that is available to first-time homebuyers. In February, Congress passed the American Recovery and Reinvestment Act, which provides first-time homebuyers with a tax credit of 10 percent of the purchase price of a home up to $8,000 or $4,000 each for married persons filing individually. This credit can be used on the 2008 tax returns, due April 15, or 2009 tax returns due next year. Qualifying taxpayers must purchase a home by Dec. 1 to be eligible.

If you are thinking of purchasing a home in the next year, you should be aware of the tax credit that is available to first-time homebuyers. In February, Congress passed the American Recovery and Reinvestment Act, which provides first-time homebuyers with a tax credit of 10 percent of the purchase price of a home up to $8,000 or $4,000 each for married persons filing individually. This credit can be used on the 2008 tax returns, due April 15, or 2009 tax returns due next year. Qualifying taxpayers must purchase a home by Dec. 1 to be eligible.

The Nicholasville City Commission approved a resolution permitting a retention of a .6 percent occupational tax license fee to Alltech's Nutrigenomics project under the Kentucky Jobs Development Act. Nutrigenomics will focus on the application of genomics, a study of genes and environment, in animal production systems. It's an expansion of Alltech's current facility and only employees of the new program would be eligible to receive the tax credit. "Local governments are expected to participate up to 1 percent," said Wayne Foster, Jessamine County's economic development director.

Precision Mechanical Inc., a company owned by Jeffrey K. McAlmond, was recently approved to receive a grant and tax credit from Bluegrass State Skills Corp. (BSSC). Both applications were written by Jill Ralston, industry training and development specialist for the Office of Career and Technical Education. Because the company is located in Winchester, Kentucky Tech?Clark County also benefited. "Training is an integral part of our organizational competitiveness. The nice thing is that since we train to stay in business, this is something we can now get credit for doing.

Dear Editor: I believe the majority of people would agree that the fundamental purpose behind all laws is to be just and fair. I am writing to implore people to become aware of the Kentucky Fence Law, and I am urging our public officials to be diligent in making changes to this law to make it fair for all parties involved. At present, the law states that landowners in agricultural areas share in the cost of fencing for livestock. Consider this scenario: A landowner who owns 3.5 acres and is not allowed to own any type of livestock (horses, cattle, etc.)

The Heart of Danville is pleased with downtown initiatives included in the House version of the state budget. Included in the budget are the long awaited historic preservation tax credit for homeowners and an additional $1 million for the Renaissance Program. "The Main Street Program as a whole has been an advocate for the historic property tax credit. We have been waiting a long time for an incentive tool to encourage rehabilitation of downtown neighborhood homes, rather than watching them deteriorate to the point of demolition," said Heart of Danville executive director Julie Wagner.

House Bill 108 of the 2007 session of the Kentucky General Assembly is called the Rock Fence Preservation Bill. It was pre-filed by Rep. Charlie Hoffman, who represents Scott County and a portion of Fayette County. The bill was introduced to the House on Jan. 2 and sent to the House Tourism Development and Energy committee the next day. No action has been taken on any bill; the legislature returns to work Tuesday. Most of the action required by the bill will be accomplished by the Heritage Council.

I have been searching for a good explanation of the tax credit that would be available under Gov. Ernie Fletcher's tax incentive proposal for private landowners who open their land to hunting, fishing or wildlife recreation. I may have found it in this information from David Ledford, the director of the Appalachian Wildlife Initiative for the Rocky Mountain Elk Foundation, thanks to an e-mail from Barry Welty of Danville. Property owners will just have to read it and hopefully understand just what they will have to do to list their property if they wish to. Following is Ledford's explanation of how the conservation easement tax credit could work: "I first want to give a disclaimer that the percentages and some numbers I use may not be exactly right.

The Lexington-Bluegrass Association of Realtors (LBAR) announced that sales by members amounted to 5,770 reported sales, totaling $978,401,959 as of the end of September. “The Central Kentucky housing market is still looking for stabilization beyond the tax credit boom,” said LBAR president Anthony de Movellan. “Year-to-date comparisons are very steady, but the market activity report for September 2010 must be taken with a grain of salt.” For the year-to-date 2010 compared with year-to-date 2009, total activity decreased just 1 percent, according to LBAR.

Prayer walk event for breast cancer fighter is Saturday A candlelight prayer walk for Marcia Walls Henry will be 5-8 p.m. Saturday at Junction City Park. The event will also include professional photography, face painting, live music, a silent auction and a bake sale. Henry has been fighting breast cancer since November 2011; she and her family also lost their home to fire during the summer of 2010.   Correction The amount of the tax credit available to a contributor to a community foundation endowment fund is 20 percent of the donation, which can be used against a person's tax liability.

Prayer walk event for breast cancer fighter is Saturday A candlelight prayer walk for Marcia Walls Henry will be 5-8 p.m. Saturday at Junction City Park. The event will also include professional photography, face painting, live music, a silent auction and a bake sale. Henry has been fighting breast cancer since November 2011; she and her family also lost their home to fire during the summer of 2010.   Correction The amount of the tax credit available to a contributor to a community foundation endowment fund is 20 percent of the donation, which can be used against a person's tax liability.

Residential real estate sales by members of the Lexington-Bluegrass Association of Realtors (LBAR) positively impacted the Jessamine County economy in the first quarter of 2011 with 90 reported sales totaling $15,905,545. Sales continue to be a driving force in the Jessamine County economy when considering the multiplier effect on the area of buyers and sellers who purchase appliances, carpet, flooring, landscaping, etc in response to their transaction needs. Jessamine County residential sales decreased during both the year-to-date 2011 and March 2011 when compared to 2010.

You may be eligible for a tax credit if you make eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement.  Here are six things the IRS wants you to know about the Savers Credit: Income Limits The Savers Credit, formally known as the Retirement Savings Contributions Credit, applies to individuals with a filing status and income of: • Single, married filing separately, or qualifying widow(er), with income up to $27,750 • Head of Household with income up to $41,625 • Married Filing Jointly, with incomes up to $55,500 Eligibility requirements To be eligible for the credit you must have been born before January 2, 1993, you cannot have been a full-time student during the calendar year and cannot be claimed as a dependent on another person’s return.

Dear Editor: I believe the majority of people would agree that the fundamental purpose behind all laws is to be just and fair. I am writing to implore people to become aware of the Kentucky Fence Law, and I am urging our public officials to be diligent in making changes to this law to make it fair for all parties involved. At present, the law states that landowners in agricultural areas share in the cost of fencing for livestock. Consider this scenario: A landowner who owns 3.5 acres and is not allowed to own any type of livestock (horses, cattle, etc.)

Residential real estate sales by members of the Lexington-Bluegrass Association of Realtors (LBAR) impacted the Jessamine County economy as of Sept. 30 with 370 reported sales totaling more than $68.1 million this year. Nicholasville Realtor Jonah Mitchell said the tax credit helped support the sales during the time period but that it was a solid sum for any year. “That is a consistent number; it is not an anomaly by any means,” he said. “It (benefit of tax credit)

Precision Mechanical Inc., a company owned by Jeffrey K. McAlmond, was recently approved to receive a grant and tax credit from Bluegrass State Skills Corp. (BSSC). Both applications were written by Jill Ralston, industry training and development specialist for the Office of Career and Technical Education. Because the company is located in Winchester, Kentucky Tech?Clark County also benefited. "Training is an integral part of our organizational competitiveness. The nice thing is that since we train to stay in business, this is something we can now get credit for doing.

FRANKFORT ? The House and Senate came to an agreement on June 24, the final day of the special session, to reduce and balance the state budget and lay the groundwork for future economic development across the commonwealth. Much of what emerged from the final compromise reflected what we in the Senate passed last month, including the bulk of our budget savings. Under House Bill 4, education and Medicaid will be protected, while both prosecutors and public defenders will see small increases to offset the steep cuts that have affected their ability to serve our justice system properly.

If you are thinking of purchasing a home in the next year, you should be aware of the tax credit that is available to first-time homebuyers. In February, Congress passed the American Recovery and Reinvestment Act, which provides first-time homebuyers with a tax credit of 10 percent of the purchase price of a home up to $8,000 or $4,000 each for married persons filing individually. This credit can be used on the 2008 tax returns, due April 15, or 2009 tax returns due next year. Qualifying taxpayers must purchase a home by Dec. 1 to be eligible.