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There's one new bright spot for insurance industry investments: Build America Bonds (BAB). BABs were created under Pres Obama's economic stimulus plan to spur job growth. Unlike most municipal bonds, BABs are taxable. There are two types of BABs: direct payment and tax credit. Direct payment BABs are used for most of the same projects as regular tax-exempt bonds. However, the federal government pays state or local governments 35% of the interest payments due on the bonds, which lowers state and local governments' costs to use the bonds.
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El Paso County and Colorado Springs will receive part of a $54.6 million annual severance tax and federal mineral lease direct distribution made by companies that extract minerals and energy from the state.
El Paso County will receive $16,179.29 and $17,609. 47 from the state's Department of Local Affairs. Last year's distribution to Colorado communities was $37 million.
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WASHINGTON | If you want to be the first on your block to get your $600 economic stimulus payment, the IRS has a tip: Sign up to get your 2007 tax refund via direct deposit.
Among those receiving rebate checks, people with Social Security numbers whose last two digits are low - say, 06 - will get their checks first, the agency announced Monday.
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The compensating use tax (the use tax) has existed quietly as a component of the sales tax system. It recently attracted new attention when New York State incorporated a self-assessment provision on its 2003 personal income tax return forms. New York is one of 19 states adopting such an approach this year. Purchasers of subject goods and services pay sales tax to the seller as part of the sales transaction; the seller acts as an agent of the state for the collection and transmission of the sales tax. The use tax, on the other hand, is an after-the-fact, direct payment to the state upon the purchase of subject goods and services where, for various reasons, the seller did not collect the tax. In addition, use tax may be owed to the taxing authority of the taxpayer's residence on transacti...
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Direct deposit will speed stimulus
WASHINGTON If you want to be the first on your block to get your $600 economic stimulus payment, the IRS has a tip: Sign up to get your 2007 tax refund via direct deposit.
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Taxpayers who file returns early are usually motivated by a desire to get refunds as quickly as possible, and that desire will be particularly strong this year. In more prosperous times, a big tax refund meant a trip to Disney World; these days, it's a mortgage payment.
If you file your tax return electronically and arrange for direct deposit, you can get your refund in as little as 10 days versus up to six weeks if you file by mail. And if you don't want to pay someone to prepare and e-file your taxes, there are several ways you can get the job done for free. Here's a look at what's available for the budget-minded taxpayer:
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Barack Obama and Joe Biden think they have hit upon a grand new marketing scheme for their particular brand of socialism: refer to it as "tax cuts," hope the American public is too dumb to catch on and ridicule anyone who gets in their political way. Mr. Obama promises to give 95 percent of American workers what he refers to as a "Making Work Pay" tax cut - a $500 refundable tax credit to every worker or $1,000 per couple. The key word here is "refundable." This means that the one-third of taxpayers with zero income-tax liability (one-third of all tax returns to be filed in 2009 under current law) get a direct payment from the U.S. Treasury - in essence, a welfare check for working. And this will be paid by increased taxes on single filers making $200,000 or more per year and joint file...