Secondly, there is now $8 billion Federal dollars available for passenger rail and that means there is not going to be a better time to encourage our representatives to do their own voting (vote yes!) and lobbying for Ohio to get a portion of that money. (Yes this also means a call or email from you would be most helpful)

Succinctly put from All Aboard Ohio: If the 3-C Corridor start up costs $100 million, Ohio would see 2,400 new jobs result with an increase in annual incomes of $50 million, according to U.S. Department of Commerce data. This is not about nostalgia or even about running trains. It’s about creating jobs, providing mobility at one-third the cost of driving, travel productivity and comfort, as well as
protecting the environment and our exposure to future oil price spikes. So contact your State Senator and your State Rep  and ask them to support ODOT’s request for an authorization to pursue 100-percent, rail-only. federal funding for start-up of modern passenger rail service in the 3-C Corridor, which will set the table for expanded service statewide.

And did you hear about the new Ohio website  set up by Governor Strickland? It’s transparency at it’s potential best, and they describe it as our way of following the American Recovery and Reinvestment Act. The Governor states:

 We must act strategically and boldly to take full advantage of this unique opportunity to make lasting investments in our state. And we must do so in a way that is accountable and transparent and meets the critical economic development priorities of our communities across the state.

From his lips to……

The best part?  You, or your company, or anyone can submit a proposal to the Governor’s office on this website with suggestions of how the money should be spent.

Peace Out – 3C

Yes, the House raised the amount of tax credit you could get from $7500 to $8,000. And now, it’s a true credit, not a loan to be repaid.

There is also a section of the package that talks about raising mortgage loan limits in areas that are considered more high risk (i.e., high foreclosure areas). If things stand as they are, the loan limits will be raised to $727,000.

Just like last time when the Bailout package was announced, the Speaker of the House website is ‘down’ and can’t handle the visitors (who says we don’t care what’s in the Bill?) Anyway, if you go to the site I mentioned the other day, ReadTheStimulus.org, you will have the option of scrolling down to where they say ‘final version’ and ‘see docs here.’ Some comfort in the fact they can’t get into Speaker’s website either. Bah humbug. 3C

11:30 pm update: The Senate passed the Bill. You can read about some of the specifics and a lot of the political maneuvering in this Washington Post article.  President Obama still has to sign off on it but it sounds like a done deal. And it also sounds like rail and transit monies survived. Peace Out

The idea of opening it up as a ‘no repayment needed’ assistance was a good one. Even if the amount of money is not raised from the existing $7500 credit to $15,000 I can’t help but think it would be a boon to the economy to allow the credit to apply to all buyers, not just first time home owners, and allow the credit to stand as is, without repayment.  Maybe those ideas make too much sense so they have no possibility of staying in the bill? 

Only a few Republican Senators supported the Senate version, and I seem to recall Senator Snowe saying if more money is added to the House version all bets are off. Which gets me to my last point: can they actually pass a Bill soon enough to make a difference? Stay tuned.

 Peace Out – 3C

The Tax Credit as initially devised, was a loan but now it seems as long as you own the home for x number of years, you no longer have to pay it back.  Also, you can’t use it when you purchase, but you get the credit when you file your taxes. You have to purchase a home within a one year parameter (at least that is how it stands now), but they have made some adjustments to the repayment provision.

Here is one of the changes as outlined in the AP story:

The proposal would allow a tax credit of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax break for the purchase of new homes only.

I would caution you to keep up with any other changes that could occur, but I admit to being happier with this version, as it stands today. Kudos to Jay for his in depth analysis.

I would also advise you to consult with your mortgage lender and/or financial advisor and/or lawyer when applying for the tax break.

So you might qualify for a $140,000 home and that part won’t change because of the tax break, but, isn’t it nice to know you could get some tax relief for that $140k purchase!

I’ll keep updating as things progress.  When you read Jay’s post in it’s entirety, you can get links to the actual Amendment.

Peace Out – 3C