In 2005, Congress established several energy-efficiency tax incentives related to housing that benefit new-home buyers and remodeling homeowners. These policies included the tax code section 25C credit for retrofitting/remodeling existing homes, and the 25D credit for the installation of power production property in new and existing homes. Taxpayers claim these residential energy credits using Form 5695. Including carryforwards from 2019,… Read More ›
Tag Archive for ‘individual income tax’
Property Taxes Make Up More Than One-Third of State and Local Tax Revenue
NAHB analysis of the Census Bureau’s quarterly state and local tax data shows that $672.9 billion in taxes were paid by property owners in the four quarters ending Q1 2022 (not seasonally adjusted), a 0.1% quarterly increase.[1] State and local governments collected $1.9 trillion over the same period, the largest amount on record (nominal and real) and 16.0% more than… Read More ›
Property Tax Revenues Decline, Share of Total Increases in Q3 2021
NAHB analysis of the Census Bureau’s quarterly tax data shows that $707.6 billion in taxes were paid by property owners in the four quarters ending Q3 2021 (not seasonally adjusted), a 0.5% quarterly decline.[1] Four-quarter property tax revenues had climbed 14.3% since decreasing 0.2% in Q2 2020. The decline in Q3 2021 was only the second such decrease since 2012. Property taxes… Read More ›
State and Local Property Tax Revenues Eclipse $700 Billion
NAHB analysis of the Census Bureau’s quarterly tax data shows that $703.5 billion in taxes were paid by property owners in the four quarters ending Q2 2021.[1] Four-quarter property tax revenues have climbed 13.2% since decreasing 0.2% in Q2 2020 (the first decrease since 2012). Year-over-year growth of four-quarter property tax revenue has accelerated each of the past four quarters. Prior to… Read More ›
State and Local Property Tax Revenues Increased Nearly 20 Percent over the Past Four Years
NAHB analysis of the Census Bureau’s quarterly tax data shows that $633.9 billion in taxes were paid by property owners in the four quarters ending Q3 2020.[1] Four-quarter property tax revenues have declined just once over the last eight years and are more than $100 billion (19.2%) higher than they were four years ago. Year-over-year growth of four-quarter property tax… Read More ›
Number of Alternative Minimum Tax Payers Falls 98 Percent in Tax Year 2018
Each year, the IRS releases tax return statistics for returns filed for the prior tax year. Data is released throughout the year as more returns are processed and represent tax return information that has been gathered through late-May, mid-July, and mid-November. Although these numbers are not as thorough as the Statistics on Income tables, unlike those tables, filing season data… Read More ›
IRS Clarifies How to Calculate Income Limits for LIHTC Average Income Set Aside
The Internal Revenue Service recently released revenue ruling 2020-4 which instructs taxpayers how to calculate Low-Income Housing Tax Credit (LIHTC) income limits should they choose to use the income averaging minimum set-aside test to meet LIHTC eligibility and compliance requirements. This test was created by the Consolidated Appropriations Act of 2018 (the 2018 Act) to complement the existing tests established… Read More ›
Annual Property Tax Payments Reach $600 Billion in Q2 2019
NAHB analysis of the Census Bureau’s quarterly tax data shows that $601 billion in taxes were paid by property owners over the four quarters ending in Q2 2019.[1] It has now been more than seven years since four-quarter property tax revenues declined. After decelerating each quarter in 2018, the four-quarter growth rate of property tax revenue has increased in the… Read More ›
Property Taxes Account for 40 Percent of State and Local Tax Revenue in Q1 2019
NAHB analysis of the Census Bureau’s quarterly tax data shows that $594 billion in taxes were paid by property owners over the four quarters ending in Q1 2019.[1] It has been seven years since four-quarter property tax revenues declined. After accelerating in the third and fourth quarters of 2017, the four-quarter growth rate of property tax revenue has slowed in… Read More ›
Share of Property Tax Revenue Falls as Income Tax Receipts Grow
NAHB analysis of the Census Bureau’s quarterly tax data shows that $583 billion in taxes were paid by property owners over the four quarters ending in Q2 2018.[1] It has now been nearly six years since the last time four-quarter property tax revenues declined. After accelerating in the third and fourth quarters of 2017, the four-quarter growth rate of property… Read More ›