Congress' Last Hours Extend Tax Breaks

December 2006

 

Residents of states that do not levy income tax, college students and their families and teachers are among the beneficiaries of the tax and trade bill passed by congress... The tax deductions and credits extended by the legislation include:

• Credit to employers who hire individuals who have been living on welfare. Maximum credit per hire is $3,500 each year.
• Two credits for tuition reimbursement, the Hope and Lifetime Learning credits, for families and individuals who meet income and other requirements.
• Deduction for state and local sales tax for individuals living in Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming, which do not levy income tax
• Deduction of $250 for supplies purchased by teacher for classroom use

Please call our office if you have any questions.

 

 

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