tax credit

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Newsom Plans to Counter Trump on Electric Cars

California governor promises to restore $7.5K rebate in state if next president kills it nationally

(Newser) - President-elect Trump isn't in office yet, but California Gov. Gavin Newsom is already planning to counter an expected move on electric vehicles. On Monday, Newsom promised that if Trump killed the $7,500 federal rebate to buyers of EVs, California would restore it for state residents, reports the Los ...

State Budget Has Money for Hiring Local Journalists

New York backers call measure the 'George Santos Prevention Act'

(Newser) - New York state is offering up to $90 million in tax credits for news outlets to hire and retain journalists in an effort to help keep the shrinking local news industry afloat. The US newspaper industry has been in a long decline, driven by factors including a loss in advertising...

Tax Credits Help Drive Tesla Sales Up 83%
Tesla Sales Jump 83%
Jul 2, 2023 2:19 PM CDT

Tesla Sales Jump 83%

Analysts express concern about automaker's profit margins

(Newser) - That was a good quarter, Tesla said Sunday. Second-quarter deliveries rose 83% from a year ago after the company cut prices several times on its four electric vehicle models and buyers took advantage of US government tax credits. The Austin, Texas, producer of EV, solar panels and batteries said it...

Rules Change for EV Tax Credits
Rules Change for EV Tax Credits
Feb 3, 2023 3:45 PM CST

Rules Change for EV Tax Credits

Automakers lobbied for higher-priced models to be included

(Newser) - The Treasury Department said Friday it is making more electric vehicles—including SUVs made by Tesla, Ford, and General Motors—eligible for tax credits of up to $7,500 under new vehicle classification definitions. The revised standards for EV tax credits follow lobbying by automakers that had pressed the Biden...

Buying an EV? There's a Big, New Tax Credit

Rules cover income limits, vehicle price, country of origin

(Newser) - Starting Jan. 1, many Americans will qualify for a tax credit of up to $7,500 for buying an electric vehicle. The credit, part of changes enacted in the Inflation Reduction Act, is designed to spur EV sales and reduce greenhouse emissions. But a complex web of requirements, including where...

During the Pandemic, Child Poverty Rate Plummeted

More than 5M people emerged from poverty thanks to enhanced child tax credit

(Newser) - In 1993, the US child poverty rate came in at almost 28%, but last year, it fell to just 5.2%—a "stunning stat" that equates to a more than 80% drop over those three decades, per Axios . According to Census Bureau data released Tuesday, the 2021 figure also...

Biden Bill Would Boost Local News Outlets

Tax credit would help with the cost of journalists in a struggling industry

(Newser) - News organizations don't often receive financial help from government. But many of them are beyond struggling now; more than 2,100 newspapers have closed since 2004, Pew Research found. They soon could gain a bit of a safety net of their own. Among the provisions in President Biden's...

Starting July 15, a Boost to Most Parents' Bank Accounts

Expanded tax credit under American Rescue Plan will deliver up to $300 per month per child

(Newser) - Welcome news for parents of the majority of America's kids: Your bank account is about to get a monthly boost. As part of the expanded tax credit under the Biden administration's American Rescue Plan, households including 88% of the nation's children will start seeing monthly payments on...

Supreme Court Case Could Boost Religious Schooling

It's rooted in a dispute over a Montana scholarship program

(Newser) - A Supreme Court that seems favorable to religion-based discrimination claims is set to hear a case that could make it easier to use public money to pay for religious schooling in many states, the AP reports. The justices will hear arguments Wednesday in a dispute over a Montana scholarship program...

Dad of 2 Adopted Sons Defends Decision to Cut Tax Break

Rep. Kevin Brady says credit is 'not working,' explaining its removal in tax proposal

(Newser) - The tax overhaul in the works has drawn controversy over possible changes to 401(k) plans and deductions for homeowners, but another, lower-profile topic has emerged as a sore point. The House plan unveiled last week would eliminate a one-time tax break for families that adopt children. The break can be...

Tax Refunds Delayed for Low-Income Families

IRS needs more time to guard against identity theft

(Newser) - The IRS is delaying tax refunds for more than 40 million low-income families this year as the agency steps up efforts to fight identity theft and fraud. The delays will affect families claiming the earned income tax credit and the additional child tax credit. These tax breaks are geared to...

Obama Budget Looks to Expand Tax Breaks for Poor

Budget also calls for drastic shift in military footing

(Newser) - President Obama will release his annual budget blueprint today, and it's widely expected to go precisely nowhere in Congress. "It's designed primarily as an appeal to his Democratic base," writes Darren Samuelsohn at Politico . But the New York Times notes that Obama is using the opportunity...

Obama to Congress: Here's Your 'To-Do List'

Items include bringing jobs back to US, tax credits for small business

(Newser) - Because Congress loves being bossed around like nothing else, President Obama will today unveil a "to-do list" of priorities, which have historically had bipartisan support, and which he says will "help restore middle class security." "At this make-or-break moment for the middle class, we need to...

Jersey Shore Loses $420K Tax Credit

Governor 'duty-bound' to ensure state doesn't foot bill for MTV hit

(Newser) - Sorry, Snooki lovers: New Jersey's governor has nixed a $420,000 tax credit for Jersey Shore that would have covered production costs for the show's 2009 season. Gov. Chris Christie said the state's slumping economy and need to pump money into other programs dictated the decision, the...

Blogger: Chevy Dealers Gaming Volt Rebates

They're selling cars to each other to claim money, he alleges

(Newser) - A writer at the National Legal and Policy Center thinks something fishy is going on regarding the $7,500 federal tax credit offered on Chevy Volts. The post alleges that dealers are selling the cars to each other to claim the money, then reselling the cars as "used" to...

Obama Wants $100B Business Tax Break

President pushes to extend R&D credit for creating US jobs

(Newser) - Hot on the heels of his $50 billion infrastructure proposal , Barack Obama will call for a $100 billion business tax credit on Wednesday, administration officials tell the Washington Post . The proposal would increase and make permanent a research and development tax credit, in an effort to reward firms that develop...

Inmates Got $9.1M in 'Homebuyer' Tax Credits

IRS working to recoup money

(Newser) - Almost 1,300 prisoners, including 241 serving life sentences, filed for the Obama administration’s First Time Homebuyer Credit on their taxes, claiming they’d bought homes while incarcerated, according to a Treasury Department report released today. The IRS paid out $9.1 million on those claims, money it now...

IRS Cracking Down on Tax Preparers

Preparers to be required to register, pass exam

(Newser) - The IRS has unveiled plans to regulate America's tax-preparation industry for the first time. Independent tax preparers and employees of tax-preparation firms will be required to register, pass a competency exam, and take 15 hours of classes a year. The move follows an IRS study that found many of the...

Millions Must Repay Part of Stimulus Tax Credit

Withholding errors mean 15.4M will get smaller refund or owe money

(Newser) - An IRS tax credit designed to lighten the load on recession-addled taxpayers won't work out as well as hoped for about 15.4 million Americans. Because certain minutiae of the new Making Work Pay credit weren’t factored in to withholding tables, more than 10% of taxpayers who file individual...

Congress Extends Credit for First-Time Home Buyers

Also adds 20 weeks of jobless benefits

(Newser) - The House voted to extend and expand an $8,000 tax credit for first-time home buyers as part of a stimulus expansion expected to inject $45 billion into the economy. The legislation, which passed the Senate yesterday, also extends unemployment benefits for 20 weeks and creates tax breaks for businesses...

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