May 1

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CORSICANA, Texas (AP) - A possible tornado about 50 miles south of the Dallas area collapsed part of the roof a school building, forcing a teacher to dive beneath a table to avoid falling debris.

As the flurry of news from all media regarding the swine flu becomes larger, the Navarro County Health Department has taken steps to address the problem locally.

In a letter from Dr. Kent Rogers, physician and medical director of the Corsicana -Navarro County Public Health District, residents are strongly urged to help prevent the spread of swine flu. Rogers lists in his letter some steps to take as precautions.

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Dana Collins and George Walker are both seeking the Precinct 4 City Council seat in Corsicana. Below are profiles on the two candidates.

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Two American Indian tribes asked Texas lawmakers Monday to let them reopen casinos they say helped them pay for education, health care and other essential services.

Leaders of the Tigua tribe of El Paso and the Alabama-Coushatta of Livingston testified before a House subcommittee on the first casino gambling bill to get a public hearing this session. Proposals to allow Las Vegas-style resort casinos elsewhere in Texas and slot machines at race tracks also are pending.

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March 31

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More buildings for Ellis County During a recession and tough economic times many people decide to further their education and that trend is true for Navarro College campuses in Midlothian and Waxahachie. The Navarro College board of trustees met in Midlothian on Thursday night and heard a report from Dr. Harold Nolte, dean of Navarro College Waxahachie, on the explosive growth the schools in Ellis County are experiencing. “The population data I am presenting to you predicts Ellis County could have half a million residents by 2020,” Nolte said. “We are seeing dramatic enrollment in our schools on the (U.S.) Highway 287 corridor, specifically Midlothian and Waxahachie.”

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March 23, 2009 By ALAN ZIBEL, AP Real Estate Writer WASHINGTON – Sales of previously occupied homes jumped unexpectedly in February by the largest amount in nearly six years as first-time buyers took advantage of deep discounts on foreclosures and other distressed properties. Economists said sales, while still at levels not seen since 1997, may finally be coming back to life after declining sharply following the stock market plunge last autumn.

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By TIM PARADIS, AP Business Writer NEW YORK – Wall Street is getting the good news it wants on the economy’s biggest problems: banks and housing. Investors reignited a two-week rally Monday after hearing the government’s plan to help banks remove as much as $1 trillion in bad assets from their books and home sales showed a surprise increase. Major stock indexes jumped as much as 4 percent, including the Dow Jones industrial average, which rose nearly 300 points. The Treasury Department said its plan would rely on the government’s $700 billion financial rescue fund, the Federal Reserve and the Federal Deposit Insurance Corp., as well as private investors.

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The first-time homebuyer credit is effective for purchases on or after January 1, 2009 and before December 1, 2009.

The amount of the homebuyer federal income tax credit is the lesser of 10% of the cost of the home bought or $8,000.  Any single-family residence my be an eligible property under the homebuyer income tax credit, provided it will be used as the homebuyer’s principal residence.

This homebuyer income tax credit reduces income tax liability.  The $8,000 tax credit is a clean refundable credit, unlike the one that was passed last summer, which required a repayment.  If you qualify as a first-time buyer (haven’t been a homeowner in the past 3 years), then you can claim the $8,000 to reduce your tax burden.  If the $8,000 is greater than the tax you owe, then you will get a refund check for the difference.

In order to be eligible for the homebuyer income tax credit in full, the homebuyer can have an annual adjusted gross income of no more than $75,000 ($150,000 on a joint return).  A homebuyer with an annual adjusted gross income above that level and up to $95,000 ($170,000 on a joint return) is eligible for a reduced tax credit.

The homebuyer income tax credit is designed for first-time homebuyers, which means the homebuyer (and/or the homebuyer’s spouse) can not have owned a principal residence in the 3 years prior to purchase of the eligible property.

There is no repayment of the homebuyer income tax creidt by the homebuyer.  However, if the elibible property is resold within three years of purchase, the entire amount of homebuyer income tax credit is recaptured on the sale.

The First-Time Homebuyer Federal Income Tax Credit is effective for purchases on or after January 1, 2009 and before December 1, 2009.  This information reflects a modification from the First-Time Homebuyer Federal Income Tax Credit, which remains in effect for homes purchased by eligible homebuyers between April 9, 2008 and December 31, 2008.

Seek advice from a professional tax advisor for specific tax calculations and timing for claiming the tax credit.

Source:  Based on information provided by the National Association of Realtors.