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Inside Washington (09/10/2010)
* WASHINGTON (9/13/10)--With both houses of the U.S. Congress scheduled to return to session this week, talk already has turned to abbreviating the new session from four weeks to three. CongressDaily reported Friday that House Democrats are considering adjourning at the end of this month, a move that would give House members more than a month to focus on their campaigns prior to the Nov. 2 elections. However, the article stressed that so far the early release date is just talk and that the official adjournment date stays set at Oct. 8 … * WASHINGTON (9/13/10)--About half of Americans who claimed the first-time homebuyer tax credit on their 2009 returns will need to repay the government, said (Sept. 9). Roughly 950,000 of the 1.8 million Americans who claimed the credit will have to give back their money due to some confusion about which tax credits homebuyers were eligible for. Those who purchased homes during 2008 were supposed to deduct 10% of the home’s purchase price or $7,500, whichever was less. The money then would have to be repaid in 15 years with no interested. Congress in 2009 extended the loan into a refund. The Internal Revenue Service (IRS) is creating a strategy to separate the 2009 taxpayers who are required to repay the credit from those who are not. A report from the Inspector General earlier this year indicated the IRS could not tell between home purchases made in 2008 and 2009, which triggered concerns that some claims could be in error. About 73,000 claims had incorrect purchase dates ... * WASHINGTON (9/13/10)--The U.S. Treasury Department has received roughly $16 billion in dividends and interest regarding its investments in banks and others through the Troubled Asset Relief Program (TARP). Payments totaling $666 million have been made since August. Half of the money came from banks in the capital purchase program. Investments in automakers General Motors Co., Chrysler Group and others have garnered $2.6 billion. The Treasury also is earning about $411 million in interest from its asset guarantee program, and about $140 million in dividends in the Public-Private Investment Program. About 97 banks are behind on payments, with a backlog of $45 million, said Bloomberg (Sept. 9) ...


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