Category: News

Informative Article just released from Craig Cheatham of Realty Alliance

Perhaps we’re breathing a sigh of relief today, thinking it could have been worse? The new tax law in the USA preserves several major housing tax breaks while imposing caps on others.

U.S. homeowners with existing mortgages will see no change to their mortgage interest deduction. Starting Jan. 1, homeowners obtaining new-purchase loans on a first or second house will have their mortgage interest deduction capped at $750,000, down from the current $1 million.

Deductions for state and local income and property taxes will be capped at $10,000.

The plan preserves current law that gives homeowners a tax break on profit from the sale of a house as long as they’ve owned and occupied it for two of the past five years. Up to $500,000 in capital gains from the sale of a primary residence is tax free if the owner-occupancy requirement is met. The provision was a hard-fought win for real estate and title companies.

Advocates for affordable housing prevailed in their fight to preserve tax exemptions for private activity bonds, a popular tool used to finance low-income housing, hospitals and infrastructure. Low-income housing tax credits are also retained under the new plan.

A cut to the corporate tax rate will hit companies that hold deferred tax assets, including government-backed Fannie Mae and Freddie Mac. A February analysis by Fitch Ratings calculated that the mortgage giants would need to write down a combined $23.1 billion in tax assets under a 20 percent tax rate. As a result, the companies are likely to require another infusion of taxpayer cash early next year.

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Blessed Trinity Catholic High School Wins Championship

Blessed Trinity Catholic High School football team won the Class AAA Championship at Marist’s stadium winning 16-7.

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Roswell Earns “Best Recreation & Parks Department”

ROSWELL, GA — The Roswell Recreation, Parks, Historic, and Cultural Affairs Department was recently named Best Recreation and Parks Department in the state by the Georgia Recreation and Parks Association. The city received the 2017 Agency of the Year Award for the 80,001–150,000 population category.

Roswell’s Strokes Camp, a popular summer camp program, was also recognized as the 2017 Outstanding Program of the Year. The program allows children ages 5 to 8 learn ground strokes in tennis, brushstrokes in art and swim strokes in swimming.

Roswell’s state honor comes just one month after the National Recreation and Parks Association recognized the department as best in the nation. The GRPA Agency of the Year Award acknowledges agencies for excellence and leadership in providing quality recreation parks, programs, and services to their citizens. Roswell has won the GRPA Agency of the Year nine times.

“2017 has been a banner year for Roswell, and I could not be more excited,” said interim Director Jeff Pruitt. “I am constantly amazed by the hard work and dedication of our staff and volunteers. We are also thankful for the overwhelming support we receive from the mayor, City Council, the Recreation Commission, and most importantly, our residents, whose support is the backbone of our success.”

To learn more about the city’s Recreation and Parks Department, visit www.roswellgov.com/parks.

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