Small businesses & health insurance

If you are  small businesses, with fewer than 25 full-time workers, pay average annual wages below $50,000, and provide health insurance while covering at least 50% of the premium cost you are probably eligible for a tax credit under the recently passed health care reform legislation.

An eligible small business could qualify for a tax credit of up to 35% of premiums paid in 2010.  With the cost of health insurance, that could be significant!

Go to this link at irs.gov for more information.  Additionally, Senator Feingold’s office has created a small business tax credit calculator to give you an idea of the credit amount for your business.  Click HERE to get to it.

Major New Report Illustrates Historic Tax Credits’ Ability to Create Jobs and Stimulate the Economy

A new report conducted by Rutgers, the State University of New Jersey, has found that the federal Historic Tax Credit has accounted for the creation of 1.8 million new jobs since its inception in 1976. Over the years, the program has proven its economic worth to the federal government by bringing in more tax revenue than the program cost to implement and acting as an efficient engine for job creation. The report emphasizes the need to expand the historic tax credits program, which would spread the benefits to small, more rural projects nationwide as well as encourage green and sustainable rehab projects.

In a time of budget cuts and spending limitations, strengthening these credits is vital to preservation efforts as well as the revitalization of community economies nationwide. The Rutgers study shows that jobs created by Historic Tax Credit initiatives are more skilled and higher paying and have generated $198 billion in total output including $29 billion in federal, state, and local taxes.

The report’s findings were officially announced at a Capitol Hill press conference on March 3, where Richard Moe shared the podium with Rep. Russ Carnahan (D-MO), Rep. Allyson Schwarz (D-PA) and John Leith-Tetrault of the National Trust Community Investment Corporation. The report was commissioned by the Historic Tax Credit Council—of which Leith-Tetrault is Chair—a public policy organization comprised of representatives from the tax credit industry, developers, attorneys and related professionals.

For more information, please contact Erica Stewart, Outreach Coordinator of Community Revitalization.
Midwest Office
National Trust for Historic Preservation | 53 W. Jackson Boulevard | Chicago, Illinois | 60604 | Phone: 312.939.5547 | Fax: 312.939.5651 | Email: mwro@nthp.org | www.PreservationNation.org

Treasury Surpasses $4 Billion Milestone in Recovery Act Funds

I got this article from JD Milburn at Wisconsin Department of Commerce.  Interesting information and looks like Wisconsin has been taking good advantage of this program for Wisconsin’s benefit:

Treasury Surpasses $4 Billion Milestone in Recovery Act Funds
to Create Jobs, Provide Affordable Housing

To Date, 50 State Housing Authorities Receive Funds Under 1602 Program

WASHINGTON – As part of the Obama Administration’s effort to strengthen communities and ease pressures on the housing market, the U.S. Department of the Treasury today announced that the American Recovery and Reinvestment Act (Recovery Act) has now provided more than $4 billion in funding to spur the development of affordable housing around the country. To date, 50 state and territorial housing authorities have received payments in lieu of tax credits to stimulate the construction and completion of affordable housing projects, including awards in this round made to Arizona, Delaware, Georgia, Hawaii, Indiana, Michigan, Minnesota, New Mexico, Ohio, Pennsylvania, and Utah with Texas being a first time recipient.

“The Recovery Act has created innovative partnerships between federal and state governments to provide a much needed boost to local economies,” said Treasury Deputy Secretary Neal Wolin.  “By uniting with state housing authorities, Treasury has made available more than $4 billion to jump start housing development in communities around the country. That investment has already resulted in hundreds of new construction jobs and new housing units for families in need of affordable alternatives.”

In May 2009, the Treasury Department launched an innovative program under section 1602 of the Recovery Act to provide payments in lieu of tax credits to state housing agencies to jump start the development or renovation of qualified affordable housing for families across the country.  Upon receiving notice of these allocations, state housing authorities manage a competitive process to disburse funds to qualified developers. This is an ongoing program open to additional state applications.

The following is a complete list of funds awarded to states under the program. Awards appearing in italics designate states receiving funds in the latest round of awards.

Housing Agency	Amount Awarded
Alabama Housing Finance Authority	$36,456,058
Alaska Housing Finance Corporation	$14,346,267
Arizona Department of Housing	$34,375,088
Arkansas Development Finance Authority	$29,170,283
California Tax Credit Allocation Committee	$283,796,725
Colorado Housing and Finance Authority	$17,823,862
Connecticut Housing Finance Authority	$55,674,397
Delaware State Housing Authority	$20,550,433
DC Department Housing & Community Development	$33,770,695
Florida Housing Finance Corporation	$580,096,634
Georgia Housing and Finance Authority	$195,559,945
Hawaii Housing Finance and Development Corporation	$41,129,690
Idaho Housing and Finance Association	$25,414,641
Illinois Housing Development Authority	$53,395,657
IN Housing and Community Development Authority	$235,961,875
Iowa Finance Authority	$72,772,712
Kansas Housing Resources Corporation	$45,311,378
Kentucky Housing Corporation	$20,603,594
Louisiana Housing Finance Agency	$114,065,141
Maine State Housing Authority	$14,413,347
MD Community Development Administration	$79,212,812
MA Department of Housing & Community Development	$106,035,450
Michigan State Housing Development Authority	$285,935,362
Minnesota Housing Finance Agency	$58,663,115
Missouri Housing Development Commission	$17,000,000
Montana Board of Housing	$17,825,674
Nebraska Investment Finance Authority	$3,676,241
Nevada Housing Division	$46,700,055
New Hampshire Housing Finance Authority	$27,713,062
New Jersey Housing and Mortgage Finance Agency	$74,412,967
New Mexico Mortgage Finance Authority	$47,777,169
North Carolina Housing Finance Agency	$95,000,000
North Dakota Housing Finance Agency	$3,668,685
Ohio Housing Finance Agency	$54,007,515
Oklahoma Housing Finance Agency	$25,000,000
Oregon Housing and Community Services	$13,316,286
Pennsylvania Housing Finance Agency	$130,456,285
Puerto Rico Housing Finance Authority	$158,920,948
Rhode Island Housing and Mortgage Finance Agency	$36,891,061
SC State Housing Finance & Development Authority	$118,019,355
South Dakota Housing Development Authority	$7,756,896
Tennessee Housing Development Agency	$53,035,205
Texas Department of Housing and Community Affairs	$333,226,792
Utah Housing Corporation	$4,844,474
Vermont Housing Finance Agency	$11,701,366
Virgin Islands Housing Finance Authority	$20,246,499
Virginia Housing Development Authority	$112,488,313
Washington State Housing Finance Commission	$57,377,373
West Virginia Housing Development Fund	$25,165,944
Wisconsin Housing & Economic Development Authority	$139,572,351
Total	$4,090,335,677