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BUSINESS
Eileen Ambrose | May 23, 2012
For a long time, you had to pay income tax on debt that your mortgage lender forgave. During the height of the housing crisis, the federal government offered a reprieve - it stopped collecting income tax on up to $2 million of forgiven mortgage debt on a primary residence. This tax leniency is expected to expire at the end of the year, and there's some doubt it will be renewed. Maryland will step in with its own relief if the federal tax break disappears. Under legislation signed into law yesterday, Maryland won't collect state income tax on up to $1 million of forgiven mortgage debt for singles, and $2 million for joint filers.
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NEWS
Thomas F. Schaller | July 8, 2014
Supreme Court conservatives continue to insist that corporations have the same rights as people on matters ranging from making campaign donations (Citizens United) to raising religious objections to government policies (Hobby Lobby). Meanwhile, anti-tax conservatives continue to argue that corporations are inhuman and it's foolish to tax them because the cost will be passed along to actual humans. Forget for a moment the contradictory notion that a corporation increasingly enjoys the same civil protections of a living, breathing person yet conveniently reverts to an inanimate entity when it comes to fiscal responsibility.
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BUSINESS
By Eileen Ambrose eileen.ambrose@baltsun.com | November 15, 2009
Y ou have about six weeks left to make moves to cut your tax bill in the spring. Besides the usual tax strategies, such as making charitable donations before year's end, you might be able to take advantage of one of the many temporary tax breaks Congress created to stimulate the economy. One of them, the popular first-time homebuyer credit, was recently extended so you have more time to get it. But it's unclear whether others will survive. Congress isn't expected to pass any major tax legislation before year's end, although it will likely make a short-term fix to the estate tax so it doesn't disappear next year as scheduled.
NEWS
By Yvonne Wenger, The Baltimore Sun | June 23, 2014
Developers are set to receive tax credits designed to spur the construction of new apartments and homes in Baltimore under legislation the City Council approved Monday. The tax credits, which received no opposition from the council, are part of a plan by Mayor Stephanie Rawlings-Blake to keep families in Baltimore and attract new residents to the city. "We look at different trends in the market that help us to determine what credits might put the city in the best position to be competitive," said Kevin R. Harris, a spokesman for Rawlings-Blake.
NEWS
By Alison Knezevich, The Baltimore Sun | March 29, 2014
Homes in Bowerman-Loreley Beach in eastern Baltimore County look like they're on prime property, with views of the Bird River and easy access to a marina. But the waterfront community also has a feature neighbors say isn't quite as idyllic: the 375-acre Eastern Sanitary Landfill. "There's no way to predict when it's going to smell," said resident Betsy Eisbart. Residents want compensation for living near the landfill, and state lawmakers are considering it. A measure is currently before the General Assembly to authorize the county to grant about 120 families near the landfill relief from property taxes.
NEWS
By Michael Dresser, The Baltimore Sun | February 2, 2014
At a time when income inequality is one of the nation's most-discussed issues, the tax that appears to have the best chance of being cut in heavily Democratic Maryland this year is one that is only paid by millionaires. Senate President Thomas V. Mike Miller and House Speaker Michael E. Busch, both Democrats, have joined to support a reduction in the estate tax by gradually raising the amount of money that is exempt. In doing so, the Democratic leadership of the General Assembly is co-opting an issue that long has been championed by Republicans.
BUSINESS
Yvonne Wenger | June 20, 2012
The clock is winding down on tax breaks available to homeowners looking to escape mountainous mortgage debt through a foreclosure or short sale. The Mortgage Debt Relief Act of 2007 will expire at the end of the year, if Congress does not take action to extend it. Without that relief, homeowners who back out of their mortgages with a short sale or foreclosure have to pay taxes on the amount that is forgiven. The Internal Revenue Service will levying taxes on the property as if the homeowners actually received the money.
NEWS
February 9, 1992
Sixth District congressional candidate Thomas Hattery has spelled out his call for tax relief for middle-class Americans.Hattery is challenging seven-term incumbent Rep. Beverly B. Byron in the March 3 Democratic primary."
BUSINESS
By KEN HARNEY | July 27, 2008
The giant federal housing and foreclosure relief legislation now heading for enactment contains a little-noticed - but potentially far-reaching - change in real estate tax policy. It would permit millions of homeowners who do not itemize on their federal tax filings to claim a deduction for at least a portion of their local and state property taxes. Though the House version of the bill set the maximum write-off at $350 a year for single taxpayers and $700 for married joint filers, the Senate's more generous $500 and $1,000 deductions were expected to prevail in the final compromise version.
NEWS
By ELLEN GOODMAN | June 19, 2006
BOSTON -- Now let us praise Paris Hilton. This is not a phrase I ever expected to fall from my lips or my laptop. The high school dropout and celebutante is the heiress that America loves to ridicule. Nevertheless, I raise a glass to Ms. Hilton, the young and the spoiled, the rich and rhymes-with-rich, after the near-death experience of the estate tax. Ms. Hilton may yet become the unwitting icon who pulls us from the brink of policy madness. The Senate almost permanently eliminated the inheritance tax and the billions it raises every year.
NEWS
By Erin Cox, The Baltimore Sun | June 17, 2014
Sixth in a series of profiles of candidates for governor. Not long into her campaign for governor, Democrat Heather R. Mizeur coined a response to the question still dogging her today: Can she win? To the pundits and the radio hosts, to donors and supporters across the state, to everyone who says she's an intriguing choice but seems a long shot, Mizeur gives the same optimistic answer: "This campaign is about breaking the illusion of impossibility. " The improbable, if not impossible, would be an astronomical ascent in Maryland politics from the House of Delegates to the governor's mansion as the state's first female governor and the first openly gay person to be elected governor in the country.
NEWS
By Jeff Barker, The Baltimore Sun | June 11, 2014
Third in a series of profiles of candidates for governor. In 1991, Ron George opened a jewelry store on Main Street in Annapolis within sight of the State House dome, placing his name in oversized gold lettering on the 19th-century storefront. It turned out to be a convenient location for the conservative Republican state legislator now running for governor. For George, Main Street is not merely an address, it's a persona. Hardly a campaign appearance goes by without a reference to his connection to "Main Street" roots and values.
BUSINESS
By Erin Cox, The Baltimore Sun | May 10, 2014
As Maryland looks to re-energize its economy amid federal budget cuts and slow growth in the aftermath of the recession, the three Democrats vying to be the next governor each developed distinct - and detailed - plans for how to improve Maryland's business climate and promote job creation. The party's dominance in state politics means that whomever emerges from next month's primary will be favored to win the general election, but several economists said none of the candidates' plans would provide a silver-bullet solution to the state's economic woes.
NEWS
April 15, 2014
In a recent letter to the editor, K. Cooper was half right - the Democrats have no one who is genuinely qualified to be Maryland's next governor ( "Who's qualified to be Maryland's next governor? No one!" April 5). However, the Republicans do: David Craig. He has 18 years of experience as the mayor of Havre de Grace and executive of Harford County. He has delivered tax relief and balanced budgets while still providing the services people need. He is not a career politician or bureaucrat - he is a former teacher and a true public servant.
NEWS
March 31, 2014
Living near Baltimore County's Eastern Sanitary Landfill is no doubt unpleasant. The facility is huge - 375 acres - and handles about a quarter of Baltimore County's solid waste, or almost 75,000 tons of trash a year. Residents of the neighborhoods adjacent to it complain of unpredictable odors that substantially diminish their enjoyment of their property. But a proposal pending in the General Assembly to allow for property tax breaks for the affected communities is the wrong approach.
NEWS
By Alison Knezevich, The Baltimore Sun | March 29, 2014
Homes in Bowerman-Loreley Beach in eastern Baltimore County look like they're on prime property, with views of the Bird River and easy access to a marina. But the waterfront community also has a feature neighbors say isn't quite as idyllic: the 375-acre Eastern Sanitary Landfill. "There's no way to predict when it's going to smell," said resident Betsy Eisbart. Residents want compensation for living near the landfill, and state lawmakers are considering it. A measure is currently before the General Assembly to authorize the county to grant about 120 families near the landfill relief from property taxes.
NEWS
By Harold Jackson and Harold Jackson,Sun Staff Writer | March 23, 1995
Curtis Howard and his wife don't have a car that would allow them to shop for groceries outside the city. That means they're unlikely to avoid paying Baltimore's tax on beverage bottles and cans anytime soon.Mayor Kurt L. Schmoke and City Council President Mary Pat Clarke have launched separate efforts to have the tax repealed. But Mr. Schmoke's proposal, tied to budget relief from a state takeover of the city Circuit Court system, appears headed for failure."It doesn't look like that is going to happen," state Sen. John A. Pica Jr., sponsor of the takeover measure that would save the city $6 million a year, said yesterday.
BUSINESS
October 26, 2003
Owners of real property damaged by last month's Tropical Storm Isabel could be eligible for property tax abatement and refunds. To qualify for property tax relief, all or part of the property must be destroyed or rendered uninhabitable for a substantial period of time. Examples are a destroyed deck or outbuilding that is not repaired or replaced; a finished basement made unusable by flooding; or an entire house that has been structurally damaged by the storm. Where the value of all or part of real property is destroyed by a hurricane, fire or other casualty, the property owner is entitled to ask for the tax assessment to be reduced.
NEWS
February 27, 2014
In The Sun editorial of Feb. 20, "Tax cuts for the rich," you champion progressive taxes and argue against personal income tax reductions because measured in dollars, wealthy Marylanders will receive more tax relief than those in lower income brackets. Yes, of course a rate reduction allows higher income earners to retain more dollars because they pay so much more in the first place. These are the very people who are fleeing Maryland, denying the state the ability to tax any of their income.
BUSINESS
By Natalie Sherman and Luke Broadwater, The Baltimore Sun | February 27, 2014
The Rawlings-Blake administration plans to propose bigger property tax breaks for industrial properties in Southeast Baltimore — including the site of a new Amazon warehouse — to bring more jobs to the area. A new "focus area," which must be approved by the state, would give property owners a 10-year 80 percent property tax credit on value added by physical improvements. It also boosts the credits granted for wages paid to new employees and offers breaks for investments in "personal property," such as machinery.
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