Laws & Taxes

Laws & Taxes

Eligible Residents Are Urged to Apply For Property Tax Relief Prior to September 1...

August 9, 2010 - (RealEstateRama) -- Eligible Montgomery County residents are encouraged to apply for the Maryland Homeowner’s Property Tax Credit program, which limits the amount of property taxes a homeowner must pay based on income. An additional County supplement and a senior tax credit will automatically apply to eligible County residents. For a senior tax credit, residents must be age 70 or older. No additional application is required for either the County supplement or the senior tax credit. The deadline for the state application submission is September 1, 2010.In order to be eligible, a homeowner must have

Kratovil Backs FHA Reform Act to Help Stabilize the Housing Market and Protect Taxpayers

June 11, 2010 - (RealEstateRama) -- Rep. Frank Kratovil backed the Federal Housing Administration Reform Act, a bill that will save taxpayers $2.5 billion over five years and make crucial reforms to strengthen the operation of the Federal Housing Administration, which has helped 37 million Americans buy homes since 1934.“This is a much needed reform bill that will help families realize the American dream of homeownership through responsible lending practices, while curbing some of the unchecked lending that contributed to our recent housing market crisis,” said Rep. Kratovil.

County Urges Caution with Tax Refund Loans; Offers Free Tax Preparation Assistance

March 15, 2010 - (RealEstateRama) -- With the filing date for federal and state income taxes one month away, Montgomery County’s Community Action Board recommends that consumers avoid Refund Anticipation Loans (RALs). These highly advertised loans can subject consumers to high interest rates, additional fees and repayment risks.

CONGRESS VOTES TO SUPPORT MIDDLE CLASS TAX RELIEF, JOB CREATION, ENERGY CONSERVATION

Washington, D.C. - December 9, 2009 - (RealEstateRama) -- Today, Congressman John Sarbanes voted for H.R. 4213, the Tax Extenders Act of 2009, which passed by a vote of 241 to 181. The measure will directly assist working families by extending property tax relief, the college tuition deduction and the deduction for teachers who pay out of pocket for classroom expenses.

Kratovil Backs Bill That Brings Tax Relief to Small Businesses and Working Families

December 10, 2009 - (RealEstateRama) -- Today, Rep. Frank Kratovil supported the Tax Extenders Act of 2009, which extends tax relief provisions for working families and businesses to help spur job growth. The legislation will extend the R&D tax credit for nearly 11,000 businesses, provide up to 30 million homeowners with property tax relief, and provide a college tuition deduction that will make college possible for 4.5 million families

Ruppersberger to Host “Opportunities for Home Ownership” Forum

Dundalk, MD - December 7, 2009 - (RealEstateRama) -- Congressman C.A. Dutch Ruppersberger (D-MD) will host a Congressional Forum on “Opportunities for Home Ownership.” Maryland has the 9th highest foreclosure rate in the country, according to Realty Trac Inc., a California-based research firm. The homes of more than 6,600 families in Maryland went into foreclosure in October 2009 alone. Thousands more Marylanders face mortgage scams. Many others are considering refinancing or purchasing a new home.

House Passes Extension of Home Buyer Tax Credit

Legislation similar to bill introduced by Kratovil to help jump start the economy and put more people in homes. November 9, 2009 - (RealEstateRama) -- The House of Representatives passed and today President Obama signed into law legislation that will extend the $8,000 homebuyer tax credit past the November 30th deadline to first-time homebuyers with a binding contract before April 30, 2010.

CARDIN LAUDS EXTENSION OF TAX CREDIT FOR FIRST-TIME HOMEBUYERS, NEW CREDIT FOR STEP-UP PURCHASES

Washington, DC - November 5, 2009 - (RealEstateRama) -- U.S. Senator Benjamin L. Cardin (D-MD), co-chair of the Senate Real Estate Caucus and one of the authors of the first-time homebuyers’ tax credit, today praised the Senate for its timely action to keep the $8,000 credit from expiring at the end of this month. In September, Senator Cardin led a group of Senators, including Johnny Isakson (R-GA), Harry Reid (D-NV), John Ensign (R-NV), and Debbie Stabenow (D-MI), introducing a bill to extend the first-time homebuyers’ tax credit

Eligible Residents Are Urged to Apply For Property Tax Relief Prior to Deadline; This...

October 16, 2009 - (RealEstateRama) -- Eligible Montgomery County residents are encouraged to apply for the Maryland Homeowner’s Property Tax Credit program, which limits...

SENATOR CARDIN CUTS RIBBON FOR NEW MD ASSOCIATION OF REALTORS HEADQUARTERS

ANNAPOLIS, MD - October 6, 2009 - (RealEstateRama) -- U.S. Senator Benjamin L. Cardin (D-MD) today participated in a ribbon-cutting ceremony for the new Maryland Association of REALTORS headquarters. The Senator is a strong supporter of the housing industry and recently introduced legislation to extend the $8,000 first-time homebuyers tax credit for another six months, until June 1, 2010.

Reps. Kratovil and Childers Introduce Tax Credit Extension for Homebuyers

Legislation will promote growth, stability in housing market. September 29, 2009 - (RealEstateRama) -- Reps. Frank Kratovil (D-MD) and Travis Childers (D-MS) have introduced important legislation to help families buy and sell homes and spur growth and stability in the American housing market. The Tax Credit Extension for Homebuyers with a Loss Deduction Incentive Act (H.R. 3640) will extend for one year the $8,000 home-buyer tax credit, expand the credit to all homebuyers purchasing a principal residence, and provide relief for individuals or families who are forced to sell their home at a loss.

Kratovil Signs onto Family Farm Preservation and Conservation Estate Tax Act

Legislation will help protect family farms from the estate tax. September 24, 2009 - (RealEstateRama) -- Today, Rep. Frank Kratovil signed on as a co-sponsor to H.R. 3524, the Family Farm Preservation and Conservation Estate Tax Act. This bill will exempt farms and ranches from Federal estate taxes after death of the owner for as long as the property stays in the family and it continues to operate as a farm. The legislation also exempts landowners who have placed their land in a conservation easement from paying the estate tax as long as it persists in that capacity.

CARDIN, ENSIGN, REID, ISAKSON AND STABENOW CALL FOR A SIX-MONTH EXTENSION OF THE $8,000...

Washington, DC - September 17, 2009 - (RealEstateRama) -- U.S. Senator Benjamin L. Cardin (D-MD), last night, along with Senators John Ensign (R-NV), Harry Reid (D-NV), Johnny Isakson (R-GA) and Debbie Stabenow (D-MI) introduced a six-month extension of the popular $8,000 federal tax credit for first-time homebuyers. The current provision, passed as part of the American Recovery and Reinvestment Act, expires December 1, 2009. According to the most recent Treasury data, nearly 530,000 Americans have applied for the tax cut to help them purchase their first home. About 40 percent of all home buyers this year will be eligible for the tax credit.

Van Hollen Applauds HUD Funding to Jumpstart Affordable Housing Programs

Through Recovery Act, Maryland will Receive $31.7 Million in Funding. Washington, D.C. - July 28, 2009 - (RealEstateRama) -- Today, Congressman Chris Van Hollen (D-MD) issued the following statement on Recovery Act funding for the Department of Housing and Urban Development’s (HUD) new Tax Credit Assistance Program (TCAP)

Five Charged in $70 Million “Dream Home” Mortgage Fraud Scheme

WASHINGTON, DC - April 27, 2009 - (RealEstateRama) — A federal grand jury has indicted four defendants, and an information has been filed against a fifth defendant, for their participation in a massive mortgage fraud scheme that allegedly promised to pay off homeowners’ mortgages on their "Dream Homes," but left them to fend for themselves, Assistant Attorney General of the Criminal Division Lanny A. Breuer and U.S. Attorney for the District of Maryland Rod J. Rosenstein announced today.

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Federal, State and Local Housing Officials Celebrate Opening of Senior Rental...

Montgomery County Executive Isiah Leggett today took part in the ribbon cutting ceremony for The Bonifant at Silver Spring, a mixed-income 11-story apartment building with 149 units for seniors age 62 or older

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EPA Backs Maryland Plan to Improve Water Quality

The U.S. Environmental Protection Agency today announced it has approved and helped fund a $303 million plan by Maryland to implement 36 clean water projects, including a series of major improvements to control stormwater and enhance wastewater infrastructure in Baltimore