First-Time Homebuyer Tax Credit

First-Time Homebuyer Tax Credit
Author: United States Government Accountability Office
Publisher: Createspace Independent Publishing Platform
Total Pages: 30
Release: 2018-05-19
Genre:
ISBN: 9781719211840

First-Time Homebuyer Tax Credit: Taxpayers' Use of the Credit and Implementation and Compliance Challenges

First-Time Homebuyer Tax Credit: Taxpayers' Use of the Credit and Implementation and Compliance Challenges

First-Time Homebuyer Tax Credit: Taxpayers' Use of the Credit and Implementation and Compliance Challenges
Author: James R. White
Publisher: DIANE Publishing
Total Pages: 15
Release: 2011
Genre: Business & Economics
ISBN: 143792462X

This is a print on demand edition of a hard to find publication. Congress enacted the First-time Homebuyer Credit (FTHBC) to assist the struggling real estate market and encourage taxpayers to purchase their first home. The credit initially was enacted in 2008 and revised in 2009. The 2008 FTHBC provided taxpayers a credit of up to $7,500 that must be paid back over 15 years. In 2009, the maximum credit for the 2009 FTHBC was increased to $8,000, with no payback required unless the home ceases to be the taxpayer's principal residence within 3 years. This testimony describes: (1) the extent to which taxpayers are using the FTHBC, including breakouts by state and income; and (2) IRS's implementation and compliance challenges associated with both the 2008 and 2009 credits. Charts and tables.

Tax Administration

Tax Administration
Author: James R. White
Publisher: DIANE Publishing
Total Pages: 26
Release: 2011
Genre: Business & Economics
ISBN: 1437938949

This is a print on demand edition of a hard to find publication. Congress enacted the First-Time Homebuyer Credit (FTHBC) to assist the struggling real estate market and encourage taxpayers to purchase their first homes. Congress enacted different versions of the FTHBC -- as part of the Housing and Econ. Recovery Act of 2008; the Amer. Recovery and Reinvest. Act of 2009; and the Worker, Homeownership, and Bus. Assistance Act of 2009. The three FTHBC provisions combined may result in total revenue losses to the fed. gov¿t. of about $22 billion through 2019. This report identifies: (1) the number of FTHBC claims and dollar amounts claimed for each credit version by state; and (2) state rankings, using selected statistics, such as the total dollar amount of FTHBC claimed in each state. Charts and tables.

Tax Gap

Tax Gap
Author: Michael Brostek
Publisher: DIANE Publishing
Total Pages: 25
Release: 2012-10-18
Genre: Business & Economics
ISBN: 1437988326

Recovery Act

Recovery Act
Author: Michael Brostek
Publisher: DIANE Publishing
Total Pages: 62
Release: 2010-08
Genre: Business & Economics
ISBN: 1437929184

The American Recovery and Reinvestment Act of 2009 (Recovery Act) was enacted to bolster the struggling U.S. economy at an estimated cost of $787 billion, of which more than a third was in the form of tax relief to the public. This report: (1) describes the status of the Internal Revenue Service's (IRS) implementation of Recovery Act tax provisions; (2) examines whether IRS captured or planned to capture data on the use of the provisions; (3) assesses IRS's efforts to determine potential abuse of the provisions; and (4) discusses possible lessons learned for future tax administration. Charts and tables.

Recovery Act

Recovery Act
Author: J. Christopher Mihm
Publisher: DIANE Publishing
Total Pages: 344
Release: 2010-11
Genre: Political Science
ISBN: 1437934129

This report responds to two ongoing mandates under the American Recovery and Reinvestment Act of 2009 (Recovery Act). It is the latest in a series of reports on the uses of and accountability for Recovery Act funds in 16 selected states, certain localities in those jurisdictions, and D.C. These jurisdictions are estimated to receive about two-thirds of the intergovernmental assistance available through the Recovery Act. This report also responds to a mandate to comment on the jobs estimated in recipient reports. The auditor collected and analyzed documents and interviewed state and local officials and other Recovery Act award recipients. He also analyzed federal agency guidance and spoke with individual federal officials. Illustrations.

Recovery Act

Recovery Act
Author: Cornelia M. Ashby
Publisher: DIANE Publishing
Total Pages: 83
Release: 2011-05
Genre: Social Science
ISBN: 1437944752

This report, one in a series on the uses of and accountability for Recovery Act (RA) funds in selected states and localities, comments on recipients' reports of the jobs created and retained. The RA provided $2.1 billion for Head Start and Early Head Start, primarily to expand services. This report addressed four questions: (1) How have Head Start and Early Head Start grantees used RA funds, including for expanding enrollment? (2) What challenges have grantees encountered in spending RA funds? (3) How has the Office of Head Start monitored the use of RA funds? (4) How has the quality of jobs data reported by RA recipients, particularly Head Start grantees, changed over time? Charts and tables. This is a print on demand publication.