Tax Credit

Tucked quietly among Frankfort legislative bills this year is one that will make a huge splash as it becomes better understood, perhaps next year. Rep. Mike Harmon's, R-Danville, HB 231 drives deeply into the contentious "school choice" forest. It proposes a $60 million state tax credit to establish a Kentucky education tax credit program. The bill would allow corporations to claim a state tax credit of up to $180,000 in 2006 for contributing to a "scholarship organization" established to provide elementary and secondary school scholarships.

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)

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.

PAINT LICK - The Kentucky Historic Preservation Review Board will consider a local school for a nomination into the National Register of Historic Places. The old Paint Lick School in Garrard County will be reviewed in Frankfort by the Kentucky Heritage Council. "The word nomination technically refers to the process of it being sent to the register to be listed," said Marty Perry, the National Register coordinator with the Kentucky Heritage Council. The review board will approve the form after it's edited, including the description, history and why the building is important historically, and send it on to the National Register offices in Washington, D.C. The property will then be listed on the register's Web site (www.

State Rep. Jim Wayne (D-Louisville) wants to give hard-working, low income Kentucky families a tax cut. He's proposed a bill that would create a tax credit equal to 7.5 percent of the average federal earned income tax credit that more than 350,000 Kentucky families qualify for. The tax cut would amount to a total of $45 million dollars. Sounds great doesn't it? Not so fast. He's using a long-standing liberal ploy called a "revenue neutral" solution to achieve these ends, and we should not fall for it. Even the term "revenue neutral" sounds innocuous until you dig into its meaning.

State Rep. Jim Wayne, D-Louisville, wants to give hard working, low income Kentucky families a tax cut. He's proposed a bill that would create a tax credit equal to 7.5 percent of the average federal earned income tax credit that over 350,000 Kentucky families qualify for. The tax cut would amount to a total of $45 million dollars. Sounds great doesn't it? Not so fast. He's utilizing a long-standing liberal ploy called the "revenue neutral" solution to achieve these ends, and we should not fall for it. Even the term "revenue neutral" sounds innocuous until you dig into its meaning.

State Rep. Jim Wayne, D-Louisville, wants to give hard-working, low-income Kentucky families a tax cut. He's proposed a bill that would create a tax credit equal to 7.5 percent of the average federal earned income tax credit that over 350,000 Kentucky families qualify for. The tax cut would amount to a total of $45 million dollars. Sounds great doesn't it? Not so fast. He's utilizing a long-standing liberal ploy called the "revenue neutral" solution to achieve these ends, and we should not fall for it. Even the term "revenue neutral" sounds innocuous until you dig into its meaning.

Uh-oh, the ideological left is bragging about President Obama's big "middle class" tax cut that has just taken effect. Specifically, they are touting what they think it will do for Kentucky. One left leaning Web site made the optimistic claim that the 13 additional dollars per week we'll start seeing in our paychecks will put $800 million back into Kentucky's economy this year. On its surface, the potential for an $800 million economic boon sounds like a big deal, until you actually do the math.

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.