Laws & Taxes

JEFFERSON CITY, MO - December 29, 2009 - (RealEstateRama) -- A little more than six months after being signed into law, legislation developed by State Treasurer Clint Zweifel will allow him to return more on investments he manages for Missouri taxpayers beginning January 1. The legislation, Invest in Missouri, received the unanimous support of the Senate and the House and was signed by Gov. Nixon on June 29.

Harrisburg, PA - December 29, 2009 - (RealEstateRama) -- Senator Michael A. O’Pake (D-Berks) today reminded eligible older adults and people with disabilities that they only have until Thursday, December 31, to apply for “2008 tax year” rebates under the state’s Property Tax and Rent Rebate (PTRR) Program.

Trenton, NJ - December 22, 2009 - (RealEstateRama) -- The League of Municipalities welcomes the news that Governor Corzine has balanced the budget, without resorting to cuts in crucial municipal property tax relief funding.

Morgan Hill, CA - December 23, 2009 - (RealEstateRama) -- After much speculation by the general populace (and the real estate industry) and much consternation by Congress, the much-anticipated extension of the First-Time Homebuyer Tax Credit has been passed.

LAKEWOOD, CO - December 23, 2009 - (RealEstateRama) -- Gov. Bill Ritter and state lawmakers today announced a major step forward in tackling Colorado’s high foreclosure rate, unveiling legislation that will speed up the sale of abandoned homes and protect neighborhoods from vandalism and declining property values.

Homes put under agreement in November up for the sixth straight month. WALTHAM, MA - December 22, 2009 - (RealEstateRama) -- The Massachusetts Association of REALTORS® (MAR) reported today that single-family home sales were up a record 63.1 percent compared to November 2008, as buyers expected the first-time homebuyer tax credit to expire at the end of the month (instead it was extended to April 2010). Condominium sales also hit record levels going up 76.2 percent compared to the year before. Median prices were up 0.7 percent compared to last year, while condominium median prices were essentially flat going down only 0.4 percent. November pending sales (homes put under agreement) were up 15 percent from the same time last year. Pending sales have now gone up for six straight months

SPRINGFIELD, IL - December 22, 2009 - (RealEstateRama) -- Pent-up buyer demand plus low interest rates and the homebuyer tax credit incentive yielded a second month of double-digit gains for Illinois home sales in November, in stark contrast to home sales one year ago in November 2008. According to the Illinois Association of REALTORS® latest report, statewide total home sales (which include single-family and condominiums) in November 2009 reached 10,361 homes sold, up 64.0 percent from November 2008 sales of 6,317, marking the third consecutive month of year-over-year sales increases in Illinois. The statewide median price in November 2009 was $155,000 down 4.3 percent from $162,000 in November 2008. The median is a typical market price where half the homes sold for more, half sold for less

MADISON, WI - December 18, 2009 - (RealEstateRama) -- Stephen P. Sinnott, Acting United States Attorney for the Western District of Wisconsin, announced the unsealing of a two-count indictment charging Gail L. Mendez, 44, of Sun Prairie, Wis., with bank fraud involving mortgage applications and making false statements in connection with a loan application.

JEFFERSON CITY, MO - December 21, 2009 - (RealEstateRama) -- An initiative proposed by Gov. Jay Nixon and State Treasurer Clint Zweifel to provide property tax relief to Missouri homebuyers was approved today by a 7-to-1 vote of the Missouri Housing Development Commission. This initiative is expected to provide property tax relief for 9,000 to 11,000 Missouri families.

Tax Credit Exchange Program Awards $4.3 Million for Housing Complex in Disaster-Impacted Community. Chanute, KS – Kansas Housing Resources Corporation (KHRC) has awarded nearly $4.3 million in Recovery Act funds to help finance the construction of 42 energy-efficient, affordable apartments in Chanute. The disaster-affected community had nearly 75 homes and a sizable number of local businesses damaged by flooding in 2007.

December 18, 2009 - (RealEstateRama) -- Robert D. Grant, Special Agent-in-Charge of the Chicago office of the Federal Bureau of Investigation (FBI) and Patrick J. Fitzgerald, United States Attorney for the Northern District of Illinois, announced today the filing of criminal charges against four west suburban men in connection with a mortgage fraud scheme.

Washington, DC - December 18, 2009 - (RealEstateRama) -- U.S. Senators Dianne Feinstein (D-Calif.) and Jeff Merkley (D-Ore.) today introduced a measure to spur the development of renewable energy employment and construction, such as wind and solar farms and solar panel factories. The bill would primarily extend and expand a popular Treasury Department grant program that was established in Section 1603 of the American Recovery and Reinvestment Act of 2009 in order to help diminish the impact of the economic crisis on the renewable energy sector

Salem, OR - December 15, 2009 - (RealEstateRama) -- The State Housing Council approved additional funding to housing developers throughout the state, boosting the number of affordable housing units statewide.

Hauppauge , NY - December 15, 2009 - (RealEstateRama) -- Suffolk County Executive Steve Levy today will file a resolution via Certificate of Necessity seeking immediate passage of a measure to provide Suffolk’s towns and villages with more than $26 million of mortgage tax revenues.

Harrisburg, PA - December 4, 2009 - (RealEstateRama) -- Governor Edward G. Rendell today reminded eligible older adults and people with disabilities that Dec. 31 is the deadline to apply for rebates up to $975 from Pennsylvania’s Property Tax/Rent Rebate program.

Albany, NY - December 15, 2009 - (RealEstateRama) -- Governor David A. Paterson today announced that New York State will offer cash advances of up to $8,000 on the Federal homebuyer tax credit for borrowers using a State of New York Mortgage Agency (SONYMA) mortgage to purchase a home.

Washington, DC - December 14, 2009 - (RealEstateRama) -- Congresswoman Ileana Ros-Lehtinen, a senior member of the Florida Congressional Delegation, voted against the tax increases in the Tax Extenders Act of 2009, as these increases would harm the already-stressed commercial real estate market. The legislation includes a $24.6 billion permanent tax increase on investments in the midst of a recession

December 10, 2009 - (RealEstateRama) -- Working to reduce burdens on our families, small businesses, and veterans, Rep. Debbie Halvorson (IL-11) today voted to pass the Tax Extenders Act of 2009, H.R.4213, which would extend a number of tax relief provisions through 2010.The Tax Extenders Act of 2009 contains three pieces of individual legislation sponsored by Halvorson, which were included into the larger bill. The first, H.R. 2146, would extend an additional standard deduction for state and local real property taxes for homeowners, which would save homeowners money on their tax returns.

Washington, D.C. - December 9, 2009 - (RealEstateRama) -- Today, Congressman John Sarbanes voted for H.R. 4213, the Tax Extenders Act of 2009, which passed by a vote of 241 to 181. The measure will directly assist working families by extending property tax relief, the college tuition deduction and the deduction for teachers who pay out of pocket for classroom expenses.

December 10, 2009 - (RealEstateRama) -- Today, Rep. Frank Kratovil supported the Tax Extenders Act of 2009, which extends tax relief provisions for working families and businesses to help spur job growth. The legislation will extend the R&D tax credit for nearly 11,000 businesses, provide up to 30 million homeowners with property tax relief, and provide a college tuition deduction that will make college possible for 4.5 million families

Sioux City, IA - December 9, 2009 - (RealEstateRama) -- December 31 is the deadline to file for Urban Revitalization Tax Exemption on eligible properties which received property improvements during calendar year 2009. All residential property owners within the corporate limits of the City of Sioux City that made improvements to their property in 2009 are encouraged to apply for the tax exemption.

Washington, DC - December 9, 2009 - (RealEstateRama) -- Colorado homebuyers will be able to take advantage of the $8,000 homebuyer tax credit for an additional three months, Congresswoman Betsy Markey announced today

Washington, DC - December 8, 2009 - (RealEstateRama) -- Congressman Baron Hill has successfully ensured that his property tax relief language included in the Housing Assistance Tax Act of 2008 will be incorporated into the Tax Extenders Act of 2009, H.R. 4213. The bill, which is scheduled for a vote tomorrow, would extend Hill’s property tax relief for another year.

December 8, 2009 - (RealEstateRama) -- Nora R. Dannehy, United States Attorney for the District of Connecticut, announced that PAUL MAYOTTE, 69, of Brookfield, the CFO of Girouard Associates, Inc. and RRG Investments, LLC, both of which are owned by Connecticut real estate developer Richard Girouard, pleaded guilty today before Senior United States District Judge Alfred V. Covello in Hartford to one count of an indictment charging MAYOTTE with conspiring with Girouard to commit wire fraud related to a scheme to defraud an investor out of money.

DES MOINES, DC - December 8, 2009 - (RealEstateRama) -- The Iowa Finance Authority (IFA) Board of Directors recently approved nearly $13 million in federal resources to finance the development of The Rose of Council Bluffs, a 76 unit affordable housing development for older residents

Dundalk, MD - December 7, 2009 - (RealEstateRama) -- Congressman C.A. Dutch Ruppersberger (D-MD) will host a Congressional Forum on “Opportunities for Home Ownership.” Maryland has the 9th highest foreclosure rate in the country, according to Realty Trac Inc., a California-based research firm. The homes of more than 6,600 families in Maryland went into foreclosure in October 2009 alone. Thousands more Marylanders face mortgage scams. Many others are considering refinancing or purchasing a new home.

STILLWATER, Okla. - December 7, 2009 - (RealEstateRama) -- If you are a looking to purchase a home and qualify for the first-time homebuyer tax credit, you are in luck – the tax credit has been extended.

December 4, 2009 - (RealEstateRama) -- Today, Mayor Thomas M. Menino announced that the number of new property tax liens expected to be filed for Fiscal Year 2009 is 18 percent less than FY 2008. The value of these new liens represents only half a percentage point of the total FY 2009 tax levy of $1.4 billion

OKLAHOMA CITY, OK - December 3, 2009 - (RealEstateRama) -- Yesterday, Phillip Seibel, 39, of Edmond, Oklahoma, was sentenced by United States District Judge David Russell to serve 30 months in prison for money laundering stemming from a mortgage fraud scheme, announced Robert J. Troester, Acting United States Attorney for the Western District of Oklahoma.

Washington, DC - December 3, 2009 - (RealEstateRama) -- Today, Congressman Scott Murphy announced that, starting this month, New York homebuyers will be able to take advantage of a fiscally responsible tax credit.