On July 2, 2010, President Obama signed the Homebuyer Assistance and Improvement Act of 2010 (H.R. 5623). The bill permits first-time homebuyers to qualify for the $8,000 credit. It also allows homeowners who have lived for five years in their current residence to purchase a new home and receive a credit of $6,500. In both cases, the buyers must have signed a contract for purchase by April 30.
On May 17, 2010, the IRS released Notice 2010-44, which provides comprehensive guidance to small businesses that are eligible for a new health-care tax credit under the recently passed health care reform legislation.
The New Jersey Division of Taxation has proposed new rules clarify a Corporation's recordkeeping requirements under state tax laws. The proposal would provide that corporations are required to maintain all records used to determine their Corporation Business Tax liability and such other records as the Director of the Division of Taxation may require.
