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Archive for October, 2009

Marino on Money: October 20

Tuesday, October 20th, 2009

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Question: Will the home buyers tax credit be extended?

Good question. Anything which helps generate real estate transactions is welcomed in this economy. Here is how the credit works.

For qualified buyers, the tax credit is equal to 10% of the purchase price of the home, up to $8,000. Like most tax credits, there is a phase out. Meaning, if you make too much money, the credit is not available to you. Singles making over $75k and married couples making over $150k will see the credit reduced.

For now, the credit is set to expire on November 30th. Considering how long it may take to close on a purchase, time is running out for buyers. Currently, there are over 20 bills that have been drafted by Congress concerning the credit. All of this talk in Congress doesn’t guarantee an extension of the tax credit. But it at least shows a high level of interest.

Some proposals eliminate the phase out, so all buyers would receive a credit. Other proposals increase the credit to $15,000. We’ll just have to wait and see if it is extended, and what provisions are included.

There is debate about how much of an effect this credit has on home buyers. Eight thousand dollars is a big tax credit, but some question whether the credit is necessary. Increased real estate transactions are one of the keys to restoring our economy. If this credit actually makes a difference, then I hope it gets extended.

If you have a financial question for Ross, you can use the Marino on Money page.

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videoThe home buyer tax credit expires at the end of next month, but there are several proposals on the table to extend it. Certified financial planner Ross Marino explains in this week’s Marino on Money.

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Associated poll

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N.C. Marines say 19,000 gallons of wastewater leaked

Tuesday, October 20th, 2009

Associated Press

CAMP LEJEUNE | About 19,000 gallons of untreated wastewater has accidentally been released from a water system at a North Carolina Marine base, and some has entered a nearby creek.

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The Titan Cement timeline

Tuesday, October 20th, 2009

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In April 2008 New Hanover County Commissioners approved more than four-million dollars in tax breaks to help convince Titan Cement to reopen the facility. In exchange, Carolinas Cement, a Titan subsidiary, promised more than 150 jobs and a 450-million-dollar investment.

But many residents in the area didn’t like the idea; fearing the plant would cause health risks and air and water pollution. That is why they formed the group Stop Titan, to try and prevent the cement company from moving in.

The group held a series of meetings highlighting the potential risks that could accompany the plant. Carolinas Cement responded by hosting meetings of its own, and applying for environmental permits.

A year ago, WWAY accompanied several New Hanover County residents on a tour of a Titan Cement Plant in Roanoke, Virginia. Many of the residents left in support of reopening the plant in Castle Hayne.

This year, Titan has moved closer to its goal. State Senator Julia Boseman’s proposed moratorium that would have delayed any permitting until next year failed to move through the legislature.

Last month, the state approved the plant’s draft air quality permit, which brought us to Tuesday’s public hearings; giving citizens the chance to voice their opinion of the plant and permit.

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videoThe whole process began with a plan to reopen the Old Roanoke Cement Plant that has sat deserted on the banks of the Cape Fear River for about twenty years. WWAY’s Kevin Wuzzardo picks up the story from there.

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Associated poll

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Impacts of proposed cement plant debated

Tuesday, October 20th, 2009

By Chris MazzoliniChris.Mazzolini@StarNewsOnline.com

Dozens of people offered comments in the first of two hearings slated for Tuesday, the first chance residents have had to comment in person on the draft permit, which was released last month by the N.C. Division of Air Quality.

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Wilmington council to vote on boater shower and bathroom facilities

Tuesday, October 20th, 2009

By Patrick GannonPatrick.Gannon@StarNewsOnline.com

The downtown shower issue hasn’t been turned off, at least not in Wilmington City Councilwoman Laura Padgett’s mind.

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