DID YOU KNOW??????????

Here are some fun rankings that our city has received recently. I thought They would be fun to share.

1. Colorado Springs was named “DogTown USA 2008” by Dog Fancy Magazine. The criteria used to select the winning city included plenty of dog-friendly open spaces and dog parks, events celebrating dogs and their owners, high vet-to-dog ratios, abundant pet supply and other services, and municipal laws that support and protect all pets. (07/08)

2. Colorado ranked as the slimmest state for the 18th year in a row. MedMD Health News reports that Colorado cuts the leanest figure, with 18.7% of its adults in the obese range. (07/08)

3. Colorado Springs ranked 7th in the nation in the percentage of its work force employed in high-technology industries during 2006, according to a report by the American Electronics Association. (07/08)

4. Colorado Springs ranked 9th “Best Place to Raise a Family” by BestLife Magazine. Criteria for the study included a safe location, good schools with favorable student-teacher ratios, above-average test scores, plenty of museums, parks and pediatricians also contributed. (06/08)

5. Colorado ranked 3rd in the Milken Institute’s survey of how well states are nurturing a high-tech economy. (06/08)

To help clarify

This information can be found at:
http://www.federalhousingtaxcredit.com/

It will help clarify the details on the new $7,500 tax credit that the president signed off on early this week.




Who is Eligible

The $7,500 tax credit is available for first-time home buyers only.

• The law defines a first-time home buyer as a buyer who has not owned a home during the past three years.

• All U.S. citizens who file taxes are eligible to participate in the program.
Income Limits
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Home buyers who file as single or head-of-household taxpayers can claim the full $7,500 credit if their adjusted gross income (AGI) is less than $75,000.

• For married couples filing a joint return, the income limit doubles to $150,000.

• Single or head-of-household taxpayers who earn between $75,000 and $95,000 are eligible to receive a partial first-time home buyer tax credit.

• Married couples who earn between $150,000 and $170,000 are eligible to receive a partial first-time home buyer tax credit.

• The credit is not available for single taxpayers whose AGI is greater than $95,000 and married couples with an AGI that exceeds $170,000.
Effective Dates for the Tax Credit
•
First-time home buyers would receive a $7,500 tax credit for the purchase of any home on or after April 9, 2008 and before July 1, 2009. To qualify, you must actually close on the sale of the home during this period.
Tax Credit is Refundable
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A refundable credit means that if you pay less than $7,500 in federal income taxes, then the government will write you a check for the difference.

• For example, if you owe $5,000 in federal income taxes, you would pay nothing to the IRS and receive a $2,500 payment from the government.

• If you are due to receive a $1,000 tax refund from the government, your refund would grow to $8,750 ($1,000 plus $7,500 from the home buyer tax credit).

• Buyers can take the tax credit in their 2008 or 2009 tax return.

• If you purchased the home in 2008, the tax credit is taken on your 2008 tax return. If you buy in 2009, you have the option of taking the credit on your 2008 or 2009 tax returns.
Types of Homes that Qualify for the Tax Credit
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All homes, whether single-family, townhomes or condominium apartments will qualify, provided that the home will be used as a principal residence and the buyer has not owned a home in the prior three years. This also includes newly-constructed homes.
Payback Provisions
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The tax credit essentially serves as an interest-free loan to be repaid over 15 years.

• For example, a home buyer claiming a $7,500 credit would repay the credit at $500 per year. However, the buyer doesn’t have to start repaying the credit until two years after the tax year in which the credit is claimed.

• If the home owner sold the home, then the remaining credit would be due from the profit of the home sale.

• If there was insufficient profit, then the remaining credit payback would be forgiven.