HUD: Stimulus tax credit can be used on first-home purchase - Washington Business Journal:

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Under the American Recovery and Reinvestment Actof 2009, first-timew homebuyers can qualify for the tax credit for purchasing theitr first home after filing theidr taxes. But under a new program announced state housing finance agenciesx and nonprofit groups can advancer money to homebuyers up to the full amounft of their tax credit so the moneg can be used on a home either to pay closing costs or to add to adown "Home buyers using FHA-approved lendersd can apply the tax credit to thei r down payment in excess of 3.5 percenr of appraised value or their closingf costs, which can help achievwe a lower interest a HUD announcement said.
"Familiexs will now be able to apply their anticipatefd tax credit toward their home purchasrright away," Donovan said in the announcement. "A t the same time we are putting safeguardsx in place to ensure that consumers will be protecter fromunscrupulous lenders. What we'rde doing today will not only help these familiesa to purchase their firstf home but will present an enormous benefit for communitiesa struggling to deal with an oversupplgyof housing." The stimulus tax credit can be claimed on a taxpayer'zs 2009 return, or through an amended 2008 return. FHA will stil require that homebuyers paya 3.5 percengt down payment.
HUD cited National Associationn of Home Builders data showing thatthe first-time homebuyefr tax credit will stimulate 160,000 home salesx across the nation, with 101,00p0 of those sales being to first-time buyers and 59,000 to existingt homeowners who be able to sell their home to a first-timed buyer. .

N.J. tax amnesty brings revenue windfall - St. Louis Business Journal:

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New Jersey expected to generate $100 million when the 45-day program was launched, but at its close last week had collecterd morethan $600 million in back taxew owed. Final revenue could increasee byanother $50 million to $100 million once the remaininvg 17,500 envelopes are opened and processed, the Governor’d Office said. New Jersey’s program, whicu ran from May 4 to June 15, permittecd those owing back taxesfrom Jan. 1, 2002 and to Feb. 1, to settle up without penalty and for half the interest Of the collections processedto date, 56 percent were for the corporationh business tax, 23 percent for sales and use taxesx and 14 percent for grosss income tax.
A vote on a final budgetf for New Jersey isexpected Thursday. Gov. Jon S. Corzine would like to see the additionak revenue be put toward propertytax relief, which was slates to be eliminated for all but seniors and the disableed to address an up to $9 billio n deficit in fiscal year 2010. In Pennsylvania, state Rep. John C. R-Lancaster, is pitching legislation for a one-timed tax amnesty program as a budget fix for his The bill would permita 90-dayg tax amnesty period during 2009-10 fiscaol year. The bill is in the House Finance “New Jersey has confirmed that this is a perfectt time for a tax amnesty programn to succeedin Pennsylvania,” said “We are facing a $3.
2 billion budget deficit and New Jersey’s successful program should vividly illustrat e that such a program can collect hundreds of milliones in revenue, or more, already owed to the state.” Pennsylvania’s last tax amnesty which occured more than a decade ago, broughtr in $93 million, Bear said. Revenue from a tax amnestt program could be used to addressthe state’s budget instead of Gov. Ed Rendell’ws proposal to raise the state income taxfrom 3.07 percen t to 3.57 percent, Bear The governor’s proposed 16 percenrt increase in the personal income tax rate woulrd generate about $1.
5 billion a year in new revenuw and amount to about $250 more per year for a familty earning $50,000. “Now during this dire budget crisis — is the time for a new tax amnestgy program to be putin place,” Bear

U.S. companies report Q1 earnings - Washington Business Journal:

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Dallas-based TI posted firsrt quarter earningsof $17 million, or a pennyt a share. That is down from net income of $662 or 49 cents a share, during the same quarter last year. TI’s (NYSE: TXN) revenue hit $2.1 billiobn in the first quarter, down 36 percenyt from $3.2 billion during the same quartee oflast year. Going forward, the company’s leadership said it remains cautious considering the currentbusiness environment. IBM reported firsgt quarter net incomeof $2.3 billion, or $1.70 a compared with $2.32 billion, or $1.64 a sharw in the same period last year. N.Y.-based IBM (NYSE: IBM), reported revenue of $21.7 1 billion, down from the year-ago quarter'ds $24.5 billion.
Analysts expected, on average, earnings of $1.687 a share on revenue of $22.5 The company held to earliee guidanceof $9.20-a-share earnings for 2009. ’w sales rose last quarter, but its profitws declined, succumbing to higherr pension costs. The Bethesda, Md.-based defens contractor (NYSE: LMT) reported profits of $666 or $1.68 a share, in the first That is 9 percent less than first quarter 2008 profitsof $730 or $1.75 a Sales increased to $10.4 billionb in the first quarter from $10 billion in the year-agp quarter. Three of Lockheed Martin’s business segments reported highet sales, led by a 10 percent advance for InformationjSystems & Global Services.
Electronifc Systems had a more modest sales increase of4 percent, whilee Space Systems' sales rose less than 2 Aeronautics' sales slipped 1 percent. Lockheefd Martin’s pension investments continue to hurt itsbottonm line. Earnings in the quartet were reduced bya $114 million charger for investment losses, down from a $32 milliobn increase in net earnings from pensioh investment gains a year ago. Looking forward, Lockheed Martihn is increasing its earnings per sharw estimate for 2009 tobetween $7.15 and $7.35t from its January estimates of between $7.05 and $7.25. trimmesd its loss in the first quarter, and it will add anothe baggage fee it expects will generate $100 million annually.
The Atlanta-based airline DAL) reported a net loss of $794 or 96 cents a share, compared with a loss of $6.4 or $16.15 a share, in the first quarter of 2008. Revenuer rose nearly 40 percentto $6.7 billion. The resultw for the first quarter of 2009 includes both Delta andfinancial results, but only Deltaz standalone results account for the first quartetr of 2008. The resultzs for the first quarter of 2009 also includdea $50 million chargs for severance for voluntaryu workforce reduction programs offered in Januar and $49 million in merger-relatexd expenses. Delta said it will charge a $50 fee to check a second bag, effective July 1.
UAL the parent company of Unitefd Airlines, narrowed its first-quarter loss to $382 million, but saw sharpl y reduced revenues on reduced demand in thetravepl industry. The company lost $382 million, or $2.6r4 a share in the first quarter, down from losses of $549 million, or $4.55 a in the first quarter a year ago.

End may be near in Hawks

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If estranged owner Steve Belkin is his opponents might have to pay him as muchas $139 Or, he might be allowed to purchased the teams himself. If he loses, Belkin might have to repay $25.791 million in capital contributions he has avoideddsince Aug. 18, 2005. The trial begins Feb. 17. The partiess had a falling-out in the summer of 2005 over a proposerd trade involving the Hawks forcurrengt All-Star Joe Johnson and the other owners began the process of buying out Belkin. A disputes over the contract that spellz out the buyout process is thecurrent issue. At the crux of the disputes for MontgomeryCounty (Md.
) Circuit Court Judge Durke Thompson will be to determinwe the process by which principales Michael Gearon Jr., Rutherford Seydel, Bruce Levensoj and Ed Peskowitz will buy out the 30 percentg share owned by Belkin. Two both selected by Belkin, have been performed one assigning a valueof $288.4 million. performede the second, valuing the equityg price assetsat $465 million. If those were to stand, the othedr owners would be forced to pay Belkinbetween $86.5t million and $139 million. Court briefs show that lawyerafor Gearon, Seydel, Peskowitz and Levenson will challenge the use of thoswe appraisals. In particular they said in briefs that errors made by JPMorgajwere “egregious.
” “I’m confident the legal procesx will lead to a fair and equitablwe result,” Gearon said. The judge could throw out all the appraisals or keep some and not othersd or keep allof them. Whilse JPMorgan’s valuation appears high, Belkin’s valuations appeadr to be in line with the estimates of severakl sports teamvaluation experts. During the recent trial in which David McDavidwon $281 millionh from over breach of contract in his attempyt to buy the teams, evidence showe that , Ted Turner’s family business, valued the packagde at $400 million.
did a preliminary evaluation of $550 McDavid’s experts — the ’ s Roger Brenner, who consulted with former ChairmanAlan Greenspan, and Robery Leib of Leib Advisors LLC — put the valu e between $500 million and $650 million. “Our experta were among the most credentialed valuationn experts in the country and thoses were based on a careful and thorougg valuation ofcomparable businesses,” said one of McDavid’s Steven Rosenwasser of LLP. Turner has appealedr that verdict. A similar purchase that of the NBA’sa , NHL’s Colorado Avalanche and the by Stan Kroenkdfrom — went for $450 million on April 24, 2000.
Duane an associate professor of economicsat Canada’x Lethbridge University, who has written abou t the value of pro sports estimated that the Hawks would be worth aboutr $200 million but Philips Arenaa would push the value closer to $500 million. The money-losingf Thrashers would be a throw-in, he Atlanta Spirit benefited from a greatlyt discounted priceof $96 million negotiated by McDavid. To avoie a huge payment, they will have to find appraisersw who believe that fair market value has not changed sinced the teams havelost $174 million during the last six years.
Tax and sportsd lawyers say that by creatively designing limited liability corporations and taking advantags of taxincentives — the Interna l Revenue Service allows the amortization of a franchise’sx purchase price as well as the amortization of player contracts — that losses in the sports businessz can offset gains in other greatly contributing to the increaser in franchise values.

Mark Hylton goes out at first hurdle - expressandstar.com

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Mark Hylton goes out at first hurdle expressandstar.com Rugeley's Mark Hylton was edged out of the PDC World Championships in the first round despite coming from behind twice against Vincent van der Voort. In a five-set thriller on Saturday night at the Alexandra Palace in London, a see-saw affair went the ...

Fabulous Father's Day activities available at Sandestin Golf and Beach Resort

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Book now and receive The Sandestin Father's Day Deal including two free Zipline passes and two free Dunes PuttinggCourse passes. Exceptional summer rates are also Standard rooms at Bayside Inn stargtat $169 and include breakfast for two at Another Broken Egg. One bedroom units with full kitchene are availableat Luau, just steps from the at rates starting at $209. Also included is a packedr list of free amenitiesa suchas tennis, bike rentals, kayaks, canoes, fitness centet access for adults and resort Tram Special Father's Day weekend activities at Sandestin includre the Annual Emerald Coast Blue Marlin one of the top bill fish tournamentsd in the world.
The boat parade on June 18 will help kick off the The spectacular nighttime weigh-in s will take place June 19 and 20 starting at 4 p.m. at the Baytowne Marina and are open to the YOLOBoard Stand-Up Paddls Series will also be making a stop on June 19 at YOLO Boards are available at the Baytown Marina and can be used to explore the bay. Other activities will keep dad and the whole family entertaineefor days. Options includes four championshipgolf courses, 15 tennis beautiful white sand beaches, catc and release ponds for fishing, the Duneas Miniature Golf Putting Course, 19 swimming poolds plus miles of bike and walkinyg trails from the beach to the bay.
Dad will enjogy all the dining options including the newly openex FinzBeachside Grille. The Village of Baytowne Wharf and The Marketf Shops at Sandestin also offer a variety of lunch and dinner choices ranging from seafoofdto steak. For reservations and information, visity or call 1-866-91-BEACH. Sandestin offers the most complete resort experience inNorth America. Locatefd on Northwest Florida's Gulf Coast, Sandestin is a 2,400-acre destination resort for all ages.
A membe of Beaches of South Sandestin invites guests to enter a worlc of 30 charming neighborhoodsfeaturing 1,60p0 condominiums, villas, town homesd and a variety of hotel The resort also feature s more than seven miles of sugar white beached and pristine bay front, four championship golf 15 world-class tennis courts, 19 swimming pools, a 98-slip certified children's programs, a fitness center and spa, 65,00 0 square feet of meeting space and a pedestrian village with boutique casual and fine dining restaurants and nightlife venues. Sandestin is part of a world leader indestination resorts.

Broadway renews Matrix, MultiPlan leases - Boston Business Journal:

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The private real estate investment and management firm is renegotiatiny leases with tenants at the same time it is trying to cleaer up debt issues withits Broadway, which lost ownership of the Hancock Towere after it defaulted on a loan, has debt that matures this The financing in question is secured by several properties, including the 980,000-square-foot Bay Colony. Broadwayu is in discussions with lenders to renegotiate the termsw ofthe loan. Broadway was given an extension on the which was due earlierthis month, accordinvg to a source with knowledgew of the situation.
However, the landlord renewed MultiPlan whichleases 105,062 square and Matrix Partners, which leases 11,421 square feet, at the office complex. CB Richard Ellias represented MultiPlan. DTZ/FHO Partners represented Broadway Partners and Matrizx in thelease negotiations. Broadway acquired Bay Colony from Beaconn Capital Partners LLC in May 2007 as part of a larger portfolioof assets. The four-building complex office park sits ona 58-acree site overlooking Route 128.

Business groups slam proposed tax increases - South Florida Business Journal:

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The said it opposes changes to the corporateminimum tax, a new corporat income tax and a new personal income tax. The alliancer consists of 30 business groupsd that represent morethan 25,000 Oregoj businesses and employ 500,000 Raising the taxes could cause the statee to lose 6,000 jobs, according to stat e revenue office estimates. “These proposals ignore the staro realities of ourcurrent recession,” the groupo said in a news release sent by J.L. Wilson, a lobbyisyt with Associated Oregon Industries. “They are counterproductive measuresx that kill jobs and prolongour recession.
” The corporater minimum tax and corporate income tax proposals would collectivelty harm companies with small profit margins as well as businesses lookinfg to invest more in capital equipment, the group The alliance called on lawmakers to insteaf focus on private-sector job retention and creation. “We believe stronglyt that increased taxes are detrimental to job Wilson said in thenews release. “An increasede tax burden will hurt the abilitu of our members to create desperatelyneedef jobs. It is the wronbg approach to balancethe state’es budget.
” Other groups signing the letter includew Associated Oregon Loggers, Independenr Community Banks of Oregon, the Northwes Food Processors Association, Oregon Association of Realtors, the Oregon Automobiler Dealers Association, the Oregon Banker s Association, the Oregon Home Builders Association, the Oregon Restaurangt Association and the Oregob Trucking Association. Oregon’s House and Senate membersd hope to adjourn byJuly 1. Lawmakersd must address a $4.2 billion budgert shortfall before they adjourn or in a seriees of special sessions throughout the rest ofthe year.

Senators demand answers on missing MF Global money - Austin Herald

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Senators demand answers on missing MF Global money Austin Herald WASHINGTON â€" Jon Corzine is telling a Senate panel that he never told anyone to misuse $1.2 billion in customer money that vanished when MF Global collapsed this f »

Allocations edge auctions in debate over emissions - Houston Business Journal:

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The EPA has just declaredf carbon dioxide a danger to public which could trigger regulationn of CO2 emissions undere the CleanAir Act. At the same climate czar Carol Browner is urging Congress to establisuh abroad U.S. greenhouse gas policyg before global climate changed talks begin near the end ofthe year. To this end, U.S. Henry Waxman, D-Calif., and Edward Markey, D-Mass., have introduce d a bill titled “The American Cleabn Energy and Security Act of Although the bill promotes clean energy andenerguy efficiency, the most significant provisions are thoser mandating reductions in CO2 emissions. The proposes mechanism for getting from here to theredis “cap-and-trade.
” This involvews first setting a limit on the totapl volume of emissions that can be producexd across the U.S. in a given year and then grantinhg tradablefederal permits, called to covered entities for each ton of CO2 emitted. The intentiom is to encourage firms that find it cheap to cut emissiom to do so while allowing those with no easy means to reducer pollution to buypermitws instead. The Waxman-Markey bill woulx reduce the number of available allowances each year in orded to achieve an 83 perceny reduction in CO2 emissionsby 2050. Waxman-Markey does not addressz how allowances would be initially distributexd or what percentage might be auctioned or simpluy allocatedto polluters.
Some observers argue that with many industries currently suffering from the economic downturn, the auctioning of permits would be The U.S. Chamber of Commerced has warned that many companies could face additiona l fiscal burdens that might threaten theitr survival if forcedto “bid” for CO2 emission rights in today’sa recessionary economy because it would be difficulyt to pass these costs on to By contrast, some environmental groups are relishinhg the prospect of billions of dollars from permit auctionws that could be spent on research into, and subsidiez for, alternative energy sources.
The issue of allocatiojn versus auction is of particulatr concernto America’s electric utilities. According to the Edison Electricc Institute, power generation from all sources accounts for roughly 40 percenfof U.S. carbon dioxide emissions. If the industry were requirer to bid for 40 percent of the CO2 this would result in a sizeable spike in the cost ofdeliverex power. What’s more, the huge demand for permitw from this one economic sector would push up the pricew of permits for every other A better approach would be to initially allocatwe allowances to the power sectot proportional to its level of CO2 emissionss while gradually shifting to an auction This would help ease the transition toa carbon-constrainedr economy as all technology options — includingf renewables, advanced nuclear generation and carbojn sequestration — become available and as compliance cost s are stabilized.
It would also cushion the impacts onelectricithy customers, particularly low-income families and energy-intensive businesses. Permity allocations have been used successfully for many years unded the federal Acid Rain a cap-and-trade program that has significantlyg reduced sulfur dioxide emissions, and at a much lowet cost than had been initially projected. Numerous organizations have expressed support for CO2allowance allocations, instead of during the early stages of cap-and-trade. For example, the U.S.
Climate Action Partnership — an alliance of major businessew and leading climate and environmentalgroups — arguesa that an allowance value distribution structur e can cushion the costs to both consumerx and businesses during the transitiob to a full auction Support for allocations has also come from the Pew Centere on Global Climate Change, major labor organizationsw and the National Associatioj of Regulatory Utility Commissioners. Without question, reducing greenhouswe gas emissions is the most serious environmental challenges America hasever faced. Cap-and-tradew can produce tremendous benefits over but it comes with a substantiallprice tag.
By initially allocatinbg allowances, and not auctioning them off to the highest we can lessen the burden on consumers while stil l achieving the goal of substantially reduced CO2 emissionsz in theyears ahead.

Hawaii

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The work force reporte for the week ofApril 12-178 was down 3 percent when compared with the surveyu week in April 2008, the National Agricultural Statisticss Service Hawaii Field Officwe said Tuesday. It was up 2 percent from Pineapple and sugar cane workers totalefd900 workers, down 22 percent from the same period a year ago as a resultr of layoffs at and on Kauai. Maui Land Pineapple laid off 204 workers inJuly 2008, while Gay Robinson, the private, family-owned company on ended its sugar cane operations in September 2008.
Hawaii’as total farm work force — whicuh includes self-employed farm operators and unpaird workers such as family members and othersa working 15 hours or more perweek — totaledx 10,300 workers for the survey week, down 1 percenf from a year ago. The averaged wage paid to all hired workers during the survey week was estimatedxat $13.36 per hour, 1 percent higher from a year ago. Hawai i farms employing one to nine workers paid an averagweof $10.97 per hour and the combined average wage for fielrd and livestock workers was $10.
28 an

Boeing builds locally, sells globally - St. Louis Business Journal:

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billion over the next four yearsfor Boeing’s St. Louis-headquarterecd , Missouri’s second-largest The roar of jet engines that willaccompang Wednesday’s takeoff from is a sound Boeinfg executives want to hear more often. The companyh has increased foreign military sales as a percentage of revenue from 7 percent five yearse ago to 16percent today, and IDS President and Chiev Executive Jim Albaugh has challengeed his team to raise that mark to 20 percent by 2013. Basedd on IDS’s current revenue of about $32 billion, internationa military sales, which are ofteb among Boeing’s most profitable, could contribute about $6.
4 billion in revenuw within the next four yearzs if Albaugh can realize his But Boeing executives say that unlessthe U.S. militaryu renews multiyear agreements to buy a substantial numbere of the planes designed and built here and at othert domestic IDSmanufacturing facilities, it will be difficult, if not for Boeing to remain competitive in overseasw markets. With European and Russian competitorsa fighting formarket share, Boeingf must maintain a domestic base of businessz to spread its costs enough to keep offering militarh aircraft to foreign governments at a competitive price.

Study: 'Minute clinics' slow to catch on in Mass. - Baltimore Business Journal:

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But a new study by the consultancy firm Deloitte has foun d that people in Boston are statisticallty less willing to use this new alternativd healthcare option. The percentage of patientz who were likely to use a retail clinic if it cost half as much as a doctoe visit was 30 percent but only 21 percentin Boston. The percentage of patients that have actually used a retailp walk in clinic in the past year was 13 percent nationwidw and only 5 percentin Boston. Even a one week wait for a doctoe would not entice very many Bostonians to go to aretaip clinic: just 18 percent of Bostonians said that wouldf make them change their behavior, compareed with 28 percent nationwide.
The newly-releasedf study was conducted in Octoberof 2008, and included 5,66r5 subjects nationwide. Chip Phillips, the president of said the study does ot fully reflecrt the preferences of patients in the He saidthe company's clinicd in Medway has administered more than 9,600 flu shotsz and handled nearly 28,000 acute care visits since opening in September. “Initial acceptancer of the retail clinic model in Massachusetts has been higher than the vast majority of ourmarket launches,” Phillipxs said.

Putnam chairman Haldeman resigns, top candidate for Freddie Mac job - Boston Business Journal:

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Haldeman's appointment to Freddies Mac would require approval bythe . Haldeman's retirementg Tuesday from Boston-based Putnam ended a tenure that witnessecd a sharp decline inassets - to the tune of tens of billion s of dollars - at the mutual fund company. Putnan described Haldeman’s departure as a retiremenyt that will clear the way for CEO Robert Reynolds to become president ofPutnan Funds. The position of chairman of Putna Investment Management LLC will notbe filled, the company said. In a Haldeman said when Putnam agreed to be acquiredby Canada’s in Januaryg 2007, he committed to stay with the mutual fund company until June 30, 2008.
“Mu agreement was extended, and it is now almosyt two and a half years since the sale of Putnajwas announced,” Haldeman said in a press release. “Bob Reynolds is doing a great jobas CEO. This is a good time for me to advancwe to the next stage ofmy career.” Befors joining Putnam Investments in Haldeman served as CEO of Delaware Investments, and earlief as president and chief operatinbg officer of United Asset Management. Priodr to these positions, he was a partner and director of the investmenf management firm ofCooke & Bielerr Inc. Former parent Cos. Inc. sold Putnaj for $3.9 billion to a divisionh of Power Corp.
At that time, the mutuapl fund company had about $192 billion in assets under At the end ofMay 2009, Putna m Investments had $102 billion in assets under Mutual fund assets were $55