| Congress wants to jolt economy - again
Democratic leaders are signaling that they will launch a spring offensive on the economy by pushing for measures aimed at creating jobs and providing relief for Americans struggling financially. The effort, which has started taking shape in the past week, comes just two months after the first stimulus package was enacted and a few weeks before the IRS will start distributing one-time tax rebates to more than 130 million households. The push is set against the election-year backdrop of a national economy that is showing increasing signs of strain and even recession. So far, President Bush isn't on board. He has said repeatedly he wants to give the first package a chance to work before considering other measures. Most policy analysts believe the Democrats face long odds in getting a full-blown standalone stimulus package through both chambers of Congress - at least not before summer and not before lawmakers pass a housing stimulus bill.
Tax benefit for IT parks extended
NEW DELHI: As a major relief to the infotech sector, government has decided to extend the income tax benefit to the software technology parks of India (STPI) for one more year till March-end 2010. A formal announcement towards this end is expected soon.
At the same time government has also expressed its determination to continue with SEZ policy, which has created 1.5 lakh jobs in the last two years and is likely to achieve a export figure of Rs 1,25,000 crore by 2008-09. SEZs have replaced EOUs and STPI.
On Friday, commerce minister Kamal Nath announced the extension of tax benefits to the export oriented units (EOUs) for one more year to 2009-10. When he was asked whether the benefit will also be extended for the companies operating from STPI, he said, however, at present the government has decided on EOUs only.
Myths vs. facts about April 15
Today isn't really the deadline to file your federal income tax return. And it certainly isn't the deadline to file to get your economic stimulus rebate. In fact, today isn't the deadline for about five out of six people who will file a return for 2007. If you're expecting a refund, as is the case with about 80 percent of people, then the Internal Revenue Service doesn't mind at all whether you file by April 15 or not. You can file your 2007 return next week, or later this year, or even next year. It's just fine with the IRS. The government likes free loans. Amid the hype surrounding April 15, the fact that April 15 really isn't the absolute deadline is a fact that's often forgotten, said IRS spokesman Eric Erickson. You actually have until April 15, 2011, to file if you're getting a refund -- though it wouldn't be terribly smart to wait that long.
Fitch Rates $16.7MM Albuquerque, NM Gross Receipts Tax 2008A Revs 'AA'
Fitch assigns its 'AA' rating to Albuquerque (the city), New Mexico's $16.7 million gross receipts tax refunding revenue bonds, taxable series 2008A, scheduled to sell via negotiated sale the week of April 14. In addition, Fitch affirms its 'AA' rating on the city's outstanding $62.5 million state-shared gross receipts tax bonds, $74.7 million state-shared gross receipts tax / lodgers' tax bonds, $3.7 million municipal gross receipts tax bonds, $170.4 million general purpose general obligation (GO) bonds, and $42.2 million storm sewer GO bonds. The 2008A bonds are secured by the city's state-shared gross receipts tax (equal to 1.225%). Proceeds will be used to refund a portion of the city's outstanding debt secured by state-shared gross receipts taxes and pay issuance costs. The Rating Outlook is Stable.
Storm victims get grace period from IRS
The Internal Revenue Service will grant a grace period to victims of the March 14-16 storms in metro Atlanta. Taxpayers who live or have a business in the disaster area, Fulton or DeKalb counties, now have until May 19 to file tax returns, tax payments or other time-sensitive tax acts that would otherwise be due between March 14 and May 19. .
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