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Archive for November 17, 2009
2009 First-Time Home Buyer Tax Credit
Nov 17th
2009 First-Time Home Buyer Tax Credit
The National Association of REALTORS website lists basic rules and information for the first-time home buyer’s tax credit. Since a transaction typically takes 45 days to close, time is running out! The 2009 First-Time Home Buyer Tax Credit is a great way to get started in your Hawaii Home!
Honolulu Hawaii Home
Who Qualifies?
First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
Which Properties Are Eligible?
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Will the Credit Be?
The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:
The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.
The buyer’s income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.
State of Hawaii Government Furlough Plan
Nov 17th
State of Hawaii Furlough Plan for State Employees
Governor Linda Lingle announced details of the Administration’s plan to furlough all state employees in the Executive Branch to help close the unprecedented $2.7 billion revenue shortfall projected between now and June 30, 2011. The furlough plan represents the first time labor costs are being impacted to address the state’s budget gap.
Starting July 1, 2009 and continuing through June 30, 2011, full-time employees in the Executive Branch will be placed on furlough for three days (24 hours) per month. Part-time employees will be placed on furlough on a pro-rated equivalent basis.
The statewide furlough plan will save an estimated $688 million over the next two years and will avoid having to lay off employees at this time. In addition, furloughs will allow the state to continue to provide public services, maintain employee benefits and avoid recruitment and training costs for new employees when the economy recovers.
The furlough plan applies only to employees in the Executive Branch, including the Governor’s Office, Lt. Governor’s Office and 16 state departments and their attached agencies.
Read the Administration’s Furlough Plan.
Read state employee furlough Q & A part one and part two.
Read the Governor’s executive order.
Attachment A (State government departments)
Attachment B FY10 (Furlough calendar for: Department of Accounting and General Services; Department of Agriculture; Department of the Attorney General; Budget & Finance; Department of Business, Economic Development and Tourism; Department of Commerce and Consumer Affairs; Department of Hawaiian Home Lands; Department of Land and Natural Resources; Department of Health; Department of Human Resources Development; Department of Human Services; Department of Labor and Industrial Relations; Department of Public Safety; Department of Transportation and Office of Information Practices)
Attachment B FY11 (Furlough calendar for: Department of Accounting and General Services; Department of Agriculture; Department of the Attorney General; Budget & Finance; Department of Business, Economic Development and Tourism; Department of Commerce and Consumer Affairs; Department of Hawaiian Home Lands; Department of Land and Natural Resources; Department of Health; Department of Human Resources Development; Department of Human Services; Department of Labor and Industrial Relations; Department of Public Safety; Department of Transportation and Office of Information Practices)
Attachment C FY10 (Furlough calendar for: State Foundation on Culture & the Arts)
Attachment C FY11 (Furlough calendar for: State Foundation on Culture & the Arts)
Attachment D FY10 (Furlough calendar for: Department of Taxation)
Attachment D FY11 (Furlough calendar for: Department of Taxation)
Attachment E FY10 (Furlough calendar for: Hawai`i Public Housing Authority)
Attachment E FY11 (Furlough calendar for: Hawai`i Public Housing Authority)
Attachment F FY10 (Furlough calendar for: Community Mental Health Centers – Neighbor Islands)
Attachment F FY11 (Furlough calendar for: Community Mental Health Centers – Neighbor Islands)
Office of the Governor (GOV)
Office of the Lieutenant Governor (LTG)
Department of Accounting & General Services (DAGS)
Department of Agriculture (DOA)
Department of the Attorney General (AG)
Department of Budget and Finance (B&F)
Department of Business, Economic Development and Tourism (DBEDT)
Department of Commerce and Consumer Affairs (DCCA)
Department of Defense (DOD)
Department of Hawaiian Home Lands (DHHL)
Department of Health (DOH)
Department of Human Resources Development (DHRD)
Department of Human Services (DHS)
Department of Labor and Industrial Relations (DLIR)
Department of Land and Natural Resources (DLNR)
Department of Public Safety (DPS)
Department of Taxation (TAX)
Department of Transportation (DOT)
US States Budget Shortfall
Furlough Dates for Hawaii’s Public Schools
Nov 17th
HSTA Ratifies Contract With the State of Hawaii
On September 22, 2009, the Hawaii State Teachers Association announced public school teachers ratified the collective bargaining agreement with the State of Hawaii.
Map Oahu Hawaii Schools
The two-year contract covers school years 2009-2010 and 2010-2011. Beginning October 23, approximately 13,000 non-charter school teachers (including 575 12-month teachers) at 256 schools will begin taking furlough days. The official non-charter school enrollment for the 2009-2010 school year is 170,830 students, including 153,398 in regular education and 17,432 in special education. The furlough days are not applicable to public charter schools.
The state Department of Education is facing budget cuts of $468 million over two years (school years 2009-2010 and 2010-2011) for non-charter schools. Furloughs will assist the department in addressing its budget shortfalls by reducing labor costs. The Governor imposed budgetary restrictions on all state departments on June 1, 2009 to close the state’s budget deficit. The department of education is facing restrictions of $127.7 million for school year 2009-10 and $142.6 million for 2010-11 for non-charter schools.
Furloughs are difficult and will require us to work together as a community to provide alternative learning opportunities and experiences for our students.
To see the new school calendar with a list of furlough days, click here.
FURLOUGH SCHEDULE
Teachers on a 10-month class cycle are scheduled for 17 furlough days on Fridays starting next month:
Oct. 23, 30
Nov. 6, 20
Dec. 4, 11,18
Jan. 15, 29
Feb. 5, 12
March 5, 12
April 23, 30
May 7, 14
Note: Furloughs are not scheduled for holidays or other paid nonwork days, or for professional development days during which students do not attend class.
Hawaii Furloughs - Classroom
House Staging
Nov 17th
House Staging
To sell your home faster you may want to consider house staging. That means you stage your furniture and belongings to help give your home more personality. Generally, a less cluttered space is more appealing when you’re selling a home.
Real estate staging your home can help it sell faster. Two of the easiest places to start are the most commonly used rooms – bedrooms and bathrooms. Buy matching towels, comforter sets, and lampshades for your bedrooms and bathrooms, and you’ll be set to sell your home.
Of course, when you are staging to sell, kitchens present lots of opportunities for home sellers. Clean, organized, and pleasant-smelling kitchens are the most attractive to home buyers.
You may also want to consider home staging furniture from a furniture rental company. Call your agent for home staging rental furniture options.
Honolulu Hawaii is the Best Place to Live
Nov 17th
Honolulu Hawaii is the Best Place to Live
We have certainly had a lot of bad news lately. Honolulu consistently ranks in the “Best” lists among major magazines, however.
Fortune Magazine rated Honolulu as the #67 best place to live in 2009.
It also rated it as the one of the best places for a long life.
Business Week listed Honolulu at Number 1 in the US from a study done by Mercer Consulting.
No. 28: Honolulu – U.S.
Mercer score: 103.1
2007 rank: No. 27
GDP: $13.86 trillion (2007 est.)
Population: 303,824,646 (total country); 380,000 (total city)
Life expectancy: 78.14 years
A handy calculator shows you how to figure out the difference between where you live and Honolulu. For example, if you make $50,000 in Los Angeles, you will need to make $53,987 since the cost of living is 8% higher. Here’s the catch: employers in Honolulu typically pay 1.9% less than employers in Los Angeles. That explains a lot, doesn’t it? Anyone that has tried to get a job here knows that pay rates are typically lower. My guess is because of the sheer number of retail and tourism jobs, which tend to bring the median wage down. The closest similar income I found is DC – Washington. Even San Francisco costs less than Hawaii.
If you want to get a good comparison of Hawaii home costs (PDF) compared to the mainland, see Paul Brewbaker’s (Senior Vice President and Chief Economist with Bank of Hawaii), reports. They are excellent. He has data on domestic and Japanese arrivals, employment, tourism, inflation, growth (including Honolulu’s CPI or Consumer Price Index) and forecasts. Good stuff.
Unfortunately, the number of bankruptcies in Hawaii hit a 3-year high last year, according to the Star Bulletin. Foreclosures are up as well, with the majority apparently being held by Countrywide Home Loans, particularly on the Leeward and Ewa areas. It’s going to get worse before it gets better, it would seem. Mortgage delinquencies peaked again in the 3rd qtr 2009, but the pace of growth slowed for 3rd straight period.
Now is a great time to visit your local library, bookstores (don’t forget Jelly’s Honolulu or in Aiea!) and parks. Go camping! Start a blog! Get in shape. Stay positive, and Don’t Sweat the Small Stuff.
Hiking in Hawaii
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Missing in the Chicago Area. Contact Angel Sanchez at FB by Clicking on the photo
- Missing in the Chicago Area. Contact Angel Sanchez at FB by Clicking on the photo
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