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The LIHTC provides funding for the development costs of low-income housing by allowing an investor (usually the partners of a partnership that owns the housing) to take a federal tax credit equal to a percentage (either 4% or 9%, for 10 years, depending on the credit type) of the cost incurred for development of the low-income units in a rental housing project.
Under this example, a renter with annual income of $30,000 paying rent of $800 a month would receive an income-tax refund or rebate for the year of $740 (($800 x 0.15 x 12) - $700).
The Ohio Department of Taxation is the administrative department of the Ohio state government [1] responsible for collection and administration of most state taxes, several local taxes and the oversight of real property taxation.
The tax is computed as the determined market value times an assessment ratio times the tax rate. [10] Assessment ratios and tax rates vary among jurisdictions, and may vary by type of property within a jurisdiction. [11] Most jurisdictions' legislative bodies determine their assessment ratios and tax rates, though some states impose constraints ...
Laurel Homes Historic District is a registered historic district in Cincinnati, Ohio, listed in the National Register of Historic Places on May 19, 1987. It contained 29 contributing buildings. All but three of the historic low-income public housing projects was razed between 2000–02 to make way for new condominiums.
An annual income of $50,000 might be more than enough for a single person living in a mid-sized city. But a family of four in New York City might feel pinched on $500,000 if they...
The withholding of funds which is required under the rules governing cost plus contracting can increase the cost of the contract. [9] Under a cost plus a fixed-fee contract, the profit element does not vary with costs and there is no incentive for contractors to control costs. [4] Incentives which share the risk between government and ...
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