Geithner unveils stimulus tax credits in Boston **ACORN?**

AP via Yahoo! News ^ | May 27, 2009 | By STEVE LeBLANC

[Oldeconomybuyer]

BOSTON – Treasury Secretary Tim Geithner announced Wednesday that organizations working in 33 states would receive $1.5 billion in business tax credits fueled with federal stimulus money and aimed at creating and saving jobs in areas hit hard by the economic downturn.

Project Hope provides medical care to the need and was a past reward recipient. The tax credits are not only going to recipients active in the 33 states, but also the District of Columbia and Puerto Rico.

The credit permits individual and corporate taxpayers to receive a credit against their federal income tax obligation for making qualified equity investments in community development entities.

[Oldeconomybuyer]

This administration is using the Treasury as their campaign fund, and I suspect ACORN is a targeted receipient.

[Tarpon]

Employment doesn’t make us wealthy — production does.

[americanophile]

More picking of winners and losers.

[autumnraine]

What kind of “business tax credits” does a NOT FOR PROFIT organization need?

http://www.projecthope.biz/
The Project Hope Foundation [PHF] ­ a not-for-profit charitable trust dedicated to Emotional GOOD Health Education as the most constructive strategy to prevent and reduce depression and preventable deaths amongst all people.

AND HERE IS A DOOZY PEOPLE!!!

Project Hope for Palestinian Territory
http://orgs.tigweb.org/6087
Mission Statement

“Project Hope is a non-profit volunteer organization whose goal is to provide a participatory, educational space for war-affected children in the Near East. Committed to the principles of international humanitarian law and the Convention on the Rights of the Child, our aim is support children denied access to basic services: by providing educational and recreational activities, medical and humanitarian relief and practical training that can empower them with hope and skills for the future. We aim to achieve these goals through an efficient, effective, accountable and participatory approach that focuses on child protection, with gender equality and advancement as an integral part of our mission.”

PALESTINE NON-PROFIT GETS TAX CREDITS AND NO SHOVELS TO BE SEEN IN AMERICA.

[DonaldC]

“What kind of “business tax credits” does a NOT FOR PROFIT organization need?”

Good question.

[tacticalogic]

PALESTINE NON-PROFIT GETS TAX CREDITS AND NO SHOVELS TO BE SEEN IN AMERICA.

I don't know if that's entirely accurate. Both of those look to be pretty "shovel ready" to me........

[EagleUSA]

This administration is using the Treasury as their campaign fund, and I suspect ACORN is a targeted receipient.
:::::::
You will see a HUGE expenditure of “stimulus” money to support the 2010 and 2012 elections. These crooks will stop at no crime to achieve their monolithic power over America.

[nascarnation]

You’re spot on.
The Baraqqis make the Clintons look like amateurs as far as seizing power.

[mewzilla]

If I've got the charity right...

Charity NavigatorProject HOPE

They go through some big bucks. And the CEO's paid pretty well.

[nathanbedford]

The article is poorly written and it is simply not clear how the game is supposed to work. My guess is that politically correct nonprofit entities such as Project Hope will entitle the investor to deduct 39% from his taxes apportioned over six years. Project hope itself does not get the tax reduction but that goes to the investing entity.

That means for every $100 you put down you get back at least $39 off your tax bottom line.

Is it utterly pointless these days to ask where is the enabling legislation? Is this constitutionally authorized by Congress? Is it part of an omnibus bill that nobody read? Who gets to decide and upon what the stated criteria which politically correct agencies are determined to be politically correct?

Is there any oversight? After the authorizations are made do we outsource the bookkeeping to Chicago? Acorn? Zimbabwe?

[freekitty]

That’s exactly what they are doing.

[CrystalD]

Some more information

A Global Tax Credit

BARACK OBAMA has proposed that the United States double the amount it spends on foreign aid to $50 billion each year.

-snip-

Using the domestic program as a template, Congress should provide a 39-cent tax credit for every dollar of American investment in developing countries. If Company X were to build a $100 million factory in Madagascar, its tax bill would be reduced by $39 million. The lost tax revenue would be offset by reducing direct foreign aid by the same amount.

-snip-

Using tax credits instead of traditional foreign aid also means that the money will be spent more prudently. Because for-profit companies are focused on the bottom line, they will be more protective than government agencies of the money they invest in developing countries.

This tax credit program could reinforce goals other than economic growth. Credits could be awarded to countries that embrace “green” development or good governance. Eligibility could be restricted to new investment that creates jobs and transfers know-how to the poorest countries that do not compete directly with American workers.

-snip-
Full Article

found at the NMTC website Link Here