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(The Center Square) – The federal government is sending more than $14 million in taxpayer funds to several areas of Ohio to address home health and safety hazards. Overall, the U.S. Department ...
AARP Foundation Tax-Aide provides tax assistance to anyone free of charge, according to an announcement on the organization’s website. Tax-Aide’s focus is on taxpayers who are over 50 and have ...
Unless the tax credit is extended, homeowners who make improvements in 2033 and 2034 will only be able to claim 26% or 22% of the cost of the project, respectively.
There are currently 18 different programs that provide property tax relief in the United States. The programs and their eligibility vary by state. The states with these programs limit eligibility in three ways; whether the tax payer is a renter or a homeowner, whether the tax payer is elderly or disabled, and the income level of the tax payer.
Specifically, the bill “directs the Internal Revenue Service (IRS) to establish a Community Volunteer Income Tax Assistance Matching Grant Program to provide matching funds for the development, expansion, or continuation of tax preparation programs to assist low-income taxpayers and members of under-served populations.”
The LIHTC provides funding for the development costs of low-income housing by allowing an investor (usually the partners of a partnership that owns the housing) to take a federal tax credit equal to a percentage (either 4% or 9%, for 10 years, depending on the credit type) of the cost incurred for development of the low-income units in a rental housing project.