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The average rate on a 30-year fixed mortgage rose to 3.98 percent,wholesale Hollister, Freddie Mac said Thursday. It was the first increase in four weeks and up from last week’s record low of 3.88 percent. Here’s a look at rates for fixed- and adjustable-rate mortgages over the past 52 weeks: Current week’s average Last week’s average 52-week high 52-week low 30-year fixed 3.98 3.88 5.05 3.88 15-year fixed 3.24 3.17 4.29 3.16 5-year adjustable 2.85 2.82 3.92 2.82 1-year adjustable 2.74 2.74 3.40 2.74 All values are in percentage points. Source: Freddie Mac Primary Mortgage Market Survey.

TAMPA, Fla./WASHINGTON (Reuters) Republican presidential candidate Mitt Romney bowed to political pressure and gave the public a glimpse inside his personal fortune on Tuesday, releasing U.S. tax returns showing he pays a lower effective tax rate than many top wage-earners.

Unlike Americans who rely on a paycheck, Romney earns most of his income from investment profits, dividends and interest. The returns for 2010 and estimates for 2011 showed that he will pay a total of $6.2 million in taxes on income of $42.5 million.

Romney and his wife Ann paid an effective tax rate of 13.9 percent in 2010 and expect to pay a 15.4 percent effective tax rate when they file their returns for 2011.

Those rates are far below the top income tax rate on wages, which is 35 percent, because the U.S. tax code in recent years has favored investment income over wage income.

Targeting popular unease with rising U.S. income disparity, President Barack Obama on Tuesday night in his annual State of the Union speech at the Capitol will put efforts to make the tax code fairer at the center of his reelection campaign.

Obama will renew his appeal for a “Buffett rule” to ensure that the ultra-wealthy pay their “fair share” of taxes. This idea is backed by multibillionaire Warren Buffett. His assistant Debbie Bosanek - whom he says pays a higher tax rate than he does - will sit with First Lady Michelle Obama for the speech.

One of the wealthiest Americans ever to run for the White House, Romney did not release returns from the years 1984-1999, when he began making his fortune buying and selling companies as a private equity financier with Bain Capital, but those lucrative years did give him a special tax advantage.

THE CARRIED INTEREST EDGE

Romney got about $13 million in income over the past two years from “carried interest,” a form of earnings that is available to private equity partners and taxed at the 15-percent investment income tax rate, not the higher wage income rate.

The “carried interest” provision of the U.S. tax code has repeatedly been targeted for elimination by Democrats who say it is unfair, while the private equity industry defends it. A campaign spokesman said that Romney “has not addressed carried interest specifically in this campaign.”

The former governor of Massachusetts released his tax returns after a week when his chief Republican presidential nomination rival, former U.S. House of Representatives Speaker Newt Gingrich, questioned whether Romney was hiding financial information and cast him as out of touch with most Americans.

For 2011, about 46 percent of Americans will pay no federal individual income taxes, most of them because they are poor, according to the Tax Policy Center, a think tank.

Counting all U.S. taxpayers, the average tax rate is 11 percent, according to The Tax Foundation, another think tank.

Effective tax rates vary wildly from person to person due to the maze of deductions, exemptions and credits in the tax code, which has not been thoroughly overhauled in 25 years.

Romney’s estimated net worth is $190 million to $250 million. “Governor Romney’s investments are reported and taxed in full compliance with U.S. tax laws,” said Romney campaign counsel Ben Ginsberg on a conference call with reporters.

NEXT ON GOP FIGHT CARD: FLORIDA

The Republican candidates are fighting for the nomination to face Obama, a Democrat, in the November 6 general election. The next Republican state primary contest will be in Florida on January 31.

Gingrich scored by attacking Romney’s finances and upset him in the South Carolina primary on Saturday. The release of Romney’s tax returns was meant to blunt Gingrich. But it could further inflame the debate about the tax code and income inequality,wholesale Soccer jerseys, as reflected in the Occupy Wall Street protests.

Romney campaign officials said his tax rate is based mostly on blind trust investment income. Returns for three blind trusts were released. The officials said Romney makes no decisions on how money is invested.

They said that Romney’s holdings also include amounts in funds based in the Cayman Islands and other overseas entities.

The Cayman holdings and holdings in a Swiss bank account - closed in 2010 after an adviser decided it could be politically embarrassing to Romney - were reported on tax returns and were not vehicles to avoid taxes, the advisers said.

Brad Malt, who oversees the Romney blind trusts, said on the conference call that Romney’s wife’s trust had a $3 million bank account at UBS AG, the Swiss banking giant. Malt said he closed the bank account in late 2010.

Malt said that “taxes were all fully paid” on the account, but that “it just wasn’t worth it; I closed the account.”

The tax returns showed Romney and his wife contributed $7 million to charity over the two years covered, much of it going to the Mormon church. That represents more than 15 percent of the Romneys’ income for those years.

COUNTDOWN TO CAPITAL GAINS SCRAP

Romney had capital gains income of $12.5 million for 2010 and an estimated $10.7 million for 2011.

The capital gains tax rate was slashed to 15 percent in 2003 under President George W. Bush. President Bill Clinton had cut it to 21 percent from the 28 percent level set under President Ronald Reagan, who raised it to match the tax rate on wages.

The capital gains rate will jump to 20 percent in 2013 if the Bush tax cuts are allowed to expire, an issue that is sure to prompt an intense political fight later this year.

Asked why Romney was not releasing tax records for the years in the 1980s and 1990s in which he made his fortune at Bain, Ginsberg said the two years covered by the tax returns should give a broad picture of Romney’s financial situation.

“We’re not going to get into the game of once you give them something, they demand more,” Ginsberg said. “This is a fulsome release and we’re proud of it.”

Malt said Romney had not been audited by the Internal Revenue Service in the last 10 years.

FUZZY ANSWERS HURT

The tax issue may have been a factor in Romney’s loss to Gingrich in the South Carolina primary last Saturday. It became a distraction to Romney’s campaign, and Romney’s fuzzy answers on releasing his records aggravated the problem.

First he said he might release them, or might not. When the questions kept coming, he said he would put them out in April, after his 2011 forms were completed. Only after he was defeated in South Carolina did his aides say he would release them this week. Gingrich has released his returns for 2010, but has not released an estimate for last year, as Romney did.

Long considered the front-runner for the 2012 Republican presidential nomination, Romney was staggered by Gingrich’s lopsided win in South Carolina, and is looking to regain enough momentum to defeat Gingrich in Florida.

(Additional reporting by Lynnley Browning and Patrick Temple-West; Editing by Kevin Drawbaugh and Eric Walsh)

“Now they have grown up. They are going to have to help manage this process in a responsible way.”

As the world’s two largest economies, the United States and China spar often on trade issues, with the U.S. Senate recently passing legislation to prod Beijing to let its currency, known as the yuan and the renminbi, rise more rapidly in value.

HONOLULU (Reuters) President Barack Obama pressed China on Sunday to recognize it is now a “grown up” economy and start behaving more responsibly on currency and trade issues hurting American companies.

“Most economists estimate that the renminbi is devalued by 20 to 25 percent. That means our exports to China are that much more expensive and their imports into the United States are that much cheaper,” Obama said.

The United States welcomes the “peaceful rise” of China but too often Beijing is guilty of “gaming the system” to its own advantage, he said.

“There has been slight improvement over the last year partly because of U.S. pressure but it hasn’t been enough. It is time for them to go ahead and move toward a market based system for their currency.”

“We’re going to continue to be firm that China operate by the same rules as everyone else,” Obama said.

(Reporting by Laura MacInnis and Doug Palmer; Editing by John O’Callaghan)

China needs “to understand that their role is different now than it might have been 20 years ago or 30 years ago when if they were breaking some rules it didn’t really matter, it didn’t have a significant impact,” Obama said at the end of an Asia-Pacific leaders’ meeting.

Obama said he has consistently told Hu and other Chinese leaders that American companies are not afraid of competition, as long as there is a level playing field.

Obama and Chinese President Hu Jintao had face-to-face talks during this weekend’s summit of the Asia-Pacific Economic Cooperation forum, a group of 21 countries that accounts for more than half of world economic output.

The performance of the company’s FedEx Home Delivery and FedEx SmartPost services were especially strong, said CEO and Chairman Fred Smith. Those are, in general, the least expensive shipping options and are used widely by a number of major online retailers like Amazon.

The company also stuck with its prediction for the full fiscal year ending in May and issued an outlook for the third-quarter, which includes the critical holiday season. Most of the forecast was above Wall Street’s expectations.

The results topped Wall Street’s views. Analysts polled by FactSet expected a profit of $1.53 per share for the September-to-November period.

FedEx’s performance and forecasts tend to be an indicator of broader economic health because the company ships so many packages for consumers and businesses every day.

FedEx Corp. also said Thursday that it has signed a deal to buy 27 new Boeing 767-300 aircraft, with the first three set to arrive in 2014. They will replace some planes that are as much as 40 years old. At the same time, the world’s second-largest package delivery company is also pushing off delivery of 11 Boeing 777 freighters as it works to match slowing demand in Asia.

NEW YORK FedEx Corp. said Thursday its net income soared in the fiscal second-quarter as it raised prices and benefited from more shipments of online holiday gifts.

FedEx’s revenue rose 10 percent to $10.59 billion.

“With the healthy growth in online shopping this holiday season, demand is increasing for these residential delivery services,” said Smith

The Memphis, Tenn., company earned $497 million, or $1.57 per share, compared with $283 million, or 89 cents per share a year earlier. Last year’s quarter was weighed down by 27 cents in charges related to the combination of its freight and less-than-truckload units and a legal reserve.

Shares were up 8 percent Thursday.

FedEx’s optimism matches a forecast released Thursday by the nation’s largest retail trade group. The National Retail Federation said it now expects holiday sales in November and December will rise 3.8 percent to a record $469.1 billion. That’s up from the more modest 2.8 percent forecast made in early October. It’s still below the 2010 season but well above the decade average.

Rival UPS, the world’s biggest package shipper, reported higher quarterly earnings and revenue in October.

(Reuters) A federal judge has ordered the immediate removal of a Christian prayer mural displayed in the auditorium of a Rhode Island high school, saying it violated a U.S. constitutional ban on state-sponsored prayer in public schools.

U.S. District Judge Ronald Lagueux rejected the school’s claims that the message in the mural - which opens with “Our Heavenly Father” and closes with “Amen” - was purely secular.

“No amount of debate can make the School Prayer anything other than a prayer, and a Christian one at that,” Lagueux wrote in a 40-page opinion.

Jessica Ahlquist, a student at Cranston High School West, sued the city of Cranston and its school committee in April 2011 to remove the banner, which dates back to 1963.

As an atheist, Ahlquist said the mural made her feel excluded and ostracized. She accused the school of violating the Establishment Clause of the Constitution’s First Amendment, which prevents the government from promoting one religion over another.

School officials responded that the banner was a historical memento of the school’s founding days and did not serve any religious purpose. The prayer encourages values of honesty, kindness, friendship and sportsmanship.

Joseph Cavanagh, a lawyer for the city and school officials, said they were analyzing the opinion to determine whether to file an appeal.

“We were hoping this banner would be viewed as a neutral, secular, historic display,” Cavanagh said. The mural, donated by the class of 1963, had evolved historically in the community and never had a religious purpose, he said.

The court relied on a 2005 case in which the U.S. Supreme Court called for particular care in separating church and state in public schools. In that case, the high court ruled that a monument displaying the Ten Commandments was acceptable on the grounds of the Texas State Capitol.

But the court added that the same monument on the grounds of a public school would be impermissible, “given the impressionability of the young.”

Lynette Labinger, a volunteer lawyer with the American Civil Liberties Union who represented Ahlquist, praised the judge for recognizing that Supreme Court precedent.

“Placement of a public government display of a religious message in a place with impressionable young students has not been upheld,” she said.

(Reporting by Terry Baynes; Editing by Cynthia Johnston and Eric Walsh)

LONDON (Reuters) Never heard of Milk Music? That may be about to change after the unsigned punk rockers from Olympia, Washington appeared on a leading music magazine’s acts-to-watch list.

Rising stars like Lana Del Rey, A$AP Rocky and Howler are also tipped to make it big this year and beyond as pop pickers and record labels search the airwaves for hitmakers of tomorrow.

With guitar bands and solo male artists featuring so prominently in a series of new music polls published at the start of the year, chart-topping divas like Lady Gaga, Adele and Beyonce could see their crowns slip.

And once again the United States looks like setting the pace, leaving Britain, the other global music powerhouse, playing catch-up.

“From doing this issue what I’ve realized is that there is a really wide scope of stuff out there,” said Matt Wilkinson, new music editor at British music magazine NME who has just compiled a list of 100 bands to watch in 2012.

“In the last 12 months the United States has been on top of its game in terms of guitar bands and indie music so I kind of hope and expect the UK to react to that this year,” he told Reuters. “We are in a bit of a lull at the moment over here.”

One leading female act set for stardom in 2012 is Del Rey, real name Elizabeth Grant, an American who caused a stir last year with her haunting YouTube hit “Video Games.”

Britain’s NME music magazine decided not to feature her in its 2012 survey because it felt she was already established — in fact many acts on this month’s “next big thing” lists are well on their way to fame and fortune.

In Del Rey’s case, she is signed to Interscope, part of the world’s biggest music company Universal, and releases an album, “Born to Die,” at the end of the month.

Some question the level to which her image has been manufactured for mainstream success and question whether Del Rey can sustain her early success.

“The future for Lana Del Rey feels a little uncertain,” said Alexis Petridis, music critic for the Guardian newspaper which voted Video Games the best song of 2011.

“Whether Video Games turns out to be the one truly remarkable thing about her, or a portent of greatness to come is a moot point.”

For NME’s Wilkinson, Harlem-raised rapper Azealia Banks is a potential 2012 breakout.

“We’re going massive on her,” he said. “She’s great and totally exciting. But will she sell as many records as Adele? Probably not.”

A lack of radio play for the famously foul-mouthed musician could be a barrier, he added.

Canada’s Claire Boucher,Wholesale Ed hardy, also known as Grimes, released an album in 2010 and was on the Guardian’s “New band of the day” column as long ago as March, but her brand of dark electro pop could make a splash this year.

Across the Atlantic, British “girl power” is expected to come from Londoner Lianne La Havas, who appears both on the BBC’s “Sound of 2012″ poll and MTV’s “Brand New For 2012″ list.

The BBC also championed Ren Harvieu as a possible heir to Adele, while the dark pop of Charli XCX and soulful sounds of Delilah (Paloma Stoecker) have MTV excited.

HEAR IT FOR THE BOYS

Balancing the picture for 2012, several solo male artists are also tipped for the top.

British soul musician Michael Kiwanuka topped BBC’s annual poll on Friday, ending a run of four consecutive years in which single females claimed the prize starting with Adele in 2008.

In second place came Frank Ocean, the U.S. singer-songwriter who has already collaborated with pop royalty like Beyonce, Jay-Z and Kanye West.

NME predicts he will be the “true breakout star” of the Odd Future hip-hop collective.

New Yorker and rising hip-hop star A$AP Rocky famously signed a $3 million record deal with Sony Music last year, nearly half of which reportedly will go towards funding his own record label.

Underground Chicago singer Willis Earl Beal, who until recently was leaving CDs and fliers lying around randomly, has been snapped up by XL Recordings, Adele’s label, and they plan to release his debut album “Acousmatic Sorcery” in March.

British teenager Conor Maynard has been likened by MTV to Justin Bieber, while the music channel called Angel (Sirach Charles) “quite possibly the UK pop and R & B industry’s best kept secret.”

Briton King Krule (Archy Marshall) is another “boy wonder,” although his rich voice and wordly-wise opinions belie his years, while compatriots Dot Rotten and King Charles make at least one of the new artist lists.

BANDS ON THE RISE

Guitar bands and indie music in general have been on the decline in recent years, but they put in a strong showing in the latest surveys.

Minneapolis rockers Howler have been likened to the Vaccines and Strokes and appear first in NME’s 2012 list.

DZ Deathrays’ music, described as “sleazy, sexy, thrash-punk robo-rock,” has rung out from stages in their native Australia for more than three years, but this year they aim to conquer Europe and produce a debut album.

Milk Music have so far resisted record executives’ approaches and remain independent, while London quintet Spector hit the road in March to support Florence + The Machine.

Scandinavia is represented by Swedish electro pop duo Niki & The Dove on the BBC poll and compatriots Icona Pop feature in

NME.

In France, names to look out for include Francois & The Atlas Mountains, Apes and Horses, The Bewitched Bands, Concrete Knives and Stuck In the Sound.

(Reporting by Mike Collett-White; additional reporting by Dominique Vidalon, editing by Paul Casciato)

(Reuters) Veteran rockers Van Halen said on Friday that they will kick off a North American tour with original lead singer David Lee Roth in mid-February, shortly after the release of the band’s first full album with Roth in nearly 30 years.

“A Different Kind of Truth” will be released in the United States on Feb 7 but the first single, “Tattoo,” and its accompanying video, will debut on Jan 10. Roth’s last album with the group was the popular “1984,” released on Dec 31, 1983.

The band will be joined by Kool & The Gang for select dates on the 40-plus city tour, which opens at the KFC Yum! Center in Louisville, Kentucky on Feb 18 with over four months of dates through the New Orleans Arena announced so far.

Tickets go on sale on Jan 14.

Van Halen’s relationship with Roth has been a stormy one over the years. Roth left the band in a bitter breakup in 1985, only to rejoin for a performance at the MTV Video Music Awards in 1996, then quickly depart in another bitter split.

He returned to Van Halen for a tour in 2007-2008.

The band, whose early hits include “Runnin’ with the Devil” and “Dance the Night Away,” was among the leading rock acts of the late 1970s, 1980s and into the 1990s, when Sammy Hagar replaced Roth as singer.

Michael Anthony was the original bassist, but alongside Hagar he has joined another band,Cheap Ed hardy underwear, Chickenfoot. Wolfgang Van Halen, Eddie’s son, took over on bass.

(Reporting by Elaine Lies; editing by Paul Casciato)

(Reuters) Oracle Corp’s dismal quarterly results sent shock waves across the technology sector as investors feared they may have overestimated the resilience of corporate tech spending in a deteriorating global economy.

The first earnings miss in a decade from Oracle, whose fiscal second quarter ended on November 30, drove its shares down more than 11 percent on Wednesday, destroying about $20 billion of market value. The shortfall from the No. 3 software maker also hit shares of many other technology companies, with VMware Inc, NetSuite Inc, and SAP among those suffering the biggest losses.

“Is this a preliminary example of what we could expect in January from Microsoft and other players? It raises an eyebrow that things may not be as hunky dory as we’ve been led to believe in terms of IT spending,” said Daniel Morgan, a portfolio manager at Synovus Securities in Atlanta.

The troubles at Oracle follow ominous reports from big tech names including Hewlett-Packard Co, Intel Corp and Texas Instruments Inc.

The disconcerting news on Tuesday was not limited to Silicon Valley, with U.S. industrial conglomerate Emerson Electric Co reporting a drop in orders for equipment used in big data centers. Emerson shares fell 5.4 percent to $46.97.

“Overall, we have seen in the last 60 days … a significant weakness in this whole electronics space,” said Emerson Chief Executive David Farr. “I don’t see that changing for the time being.”

The fourth quarter is the crucial period of the year for many technology companies because corporations tend to spend most heavily on information technology during that time in what is known as a year-end “budget flush.”

Oracle’s disappointing results could signal that companies won’t spend all the money that they still have budgeted for 2011 technology projects, said Howard Anderson, a lecturer at MIT’s Sloan School of Business, who regularly talks to CEOs of top-tier corporations.

“Confidence is not there,” he said. “We have a kind of rolling recession.”

Oracle’s quarter ended in November, but investors worried that the decline in business confidence could signal more troubles for peers whose quarters end in December. That includes arch rival SAP AG.

“The majority of deals in the fourth quarter are traditionally closed in the last two weeks of the quarter, so the delay of Oracle’s deals is a negative cross read for SAP,” said Silvia Quandt analyst Michael Busse.

SAP CEO Bill McDermott declined to comment on his business, saying the company was in a quiet period.

A slowing in tech spending would be troubling for the U.S. economy, which has had few bright spots in recent years.

“Since the technical end of the recession (in June 2009) we’ve been seeing double-digit growth in investment in technology. If Oracle is the canary in the coalmine, that would be something to worry about,” said Michael Goodman, director of economic and public policy research at the University of Massachusetts at Dartmouth.

“There’s a lot of concern about what the immediate future holds, so this may just be customers putting off investments they want to make until they feel like they have a better handle on what the future looks like,” Goodman said.

MIXED SIGNALS

U.S. companies have been sending mixed signals about their spending plans for 2012. A survey released last week by the Business Roundtable found that 16 percent of CEOs of large U.S. companies planned to cut their capital spending over the next six months, up from 13 percent who had planned cuts in the third quarter.

But other data released on Wednesday by the Equipment Leasing and Finance Association showed U.S. businesses signed up for $6.2 billion in loans, leases and lines of credit to fund capital expenditures in November, a 38 percent increase from the month a year ago.

Oracle’s stock fell $3.40 to $25.77, its lowest close since August, making it the biggest loser in the Standard & Poor’s 500 index. It was the biggest one-day percentage drop in the stock since March 4, 2002, when Oracle last surprised investors with an earnings warning.

CEO and co-founder Larry Ellison, the company’s biggest shareholder, lost more than $3.8 billion on Wednesday as the stock plunged, based on his holdings published in Oracle’s annual proxy filing.

The declines accounted for about 16 points of the 27.6 point drop in the S&P 1500 Software index, which suffered a 4.5 percent drop in market cap to about $511 billion. The drop in Oracle shares represents 68 percent of the decline in total market cap for the index.

(Reporting by Sayantani Ghosh in Bangalore, Maria Sheahan,Cheap Juicy Couture, Christoph Steitz and Marilyn Gerlach in Frankfurt and Nicola Leske, David Gaffen, Ryan Vlastelica and Nick Zieminski in New York; Editing by Richard Chang)

BEIJING (Reuters) Chinese authorities have jailed the prominent dissident-lawyer Gao Zhisheng in the remote far west, his brother said Monday,Cheap Ed hardy bags, the first confirmation of Gao’s whereabouts in nearly two years in a case that has fanned criticism about secretive detentions.

Gao has been imprisoned in the Shaya County Prison in Xinjiang region on charges of “inciting subversion of state power,” his brother, Gao Zhiyi, told Reuters by telephone from his home in Shaanxi province, citing a court notice.

“Now we finally know where he is, I hope we can visit him in a few days, but it’s a long way to travel,” said Gao Zhiyi.

The court notice amounted to the clearest information of Gao Zhisheng’s location since April 2010, when he briefly made contact with friends and foreign reporters after being held in secretive detention for more than a year.

China’s state news agency Xinhua reported last month that Gao Zhisheng had been sent back to jail, ending his probation for an earlier conviction. But Xinhua did not say where Gao was, and his family and supporters believe he has been held secretively by authorities for much of the past two years.

A combative Beijing-based rights advocate who tackled many causes anathema to the ruling Communist Party, Gao was sentenced to three years in jail in 2006 for “inciting subversion of state power,” a charge often used to punish critics of one-party rule.

Gao was given five years of probation, formally sparing him from the prison sentence. But his family was under constant surveillance and Gao was detained on and off over that time.

His probation was soon to expire when the court announced that he would instead be sent to jail to serve his sentence.

Gao was taken from a relative’s home in Shaanxi province in north China in February 2009 — his family says by security officers — and had been missing since he resurfaced briefly in April 2010.

Gao’s wife, Geng He, and children have sought refuge in the United States where members of Congress have pressed his case.

The United Nations working group on arbitrary detention said in March 2010 that Gao was being detained in violation of international law.

Shaya, where the notice said Gao is jailed, is about 1,100 km (680 miles) southwest of Urumqi, the regional capital of Xinjiang.

(Reporting by Chris Buckley; Editing by Robert Birsel)

As of New Year’s Day, residents of Michigan can no longer claim charitable contributions to homeless shelters, food banks, community foundations, public universities or other nonprofits on their state income tax, says CBS Detroit. As part of the Public Act 38 budget cuts package, Gov. Rick Snyder repealed Section 261 of the Michigan Individual Income Tax Act, eliminating charitable giving credits. Here’s information about these changes.

Which organizations are affected?

The Community Foundation for Southeast Michigan explains the three tax credits. The Public Contribution Credit covered institutions like public broadcasting stations, higher education facilities,Cheap Ed hardy t-shirts, colleges, universities, university fundraising groups, donations of publicly displayed artwork, public libraries and museums. The Community Foundation Credit provided credits for local civic organizations. The Homeless Shelter and Food Bank Credit reimbursed contributions made to rescue missions, food kitchens and pantries and organizations whose purpose is to provide accommodation for indigent persons.

How much is the charitable tax credit worth?

Michigan Legislature defines the three credits as 50 percent nonrefundable amounts that can only be used to reduce owed taxes. On each credit, married couples filing jointly can claim up to $200 for $400 in contributions. Individual filers receive up to $100 back. CBS Local said about 250,000 residents took advantage of the credit in 2010. Snyder eliminated the Michigan Business Tax as well. That tax included charitable giving credits. These credits saved taxpayers $40 million in income taxes. Gov. Snyder is hoping to recover some of those lost income tax funds to revitalize Michigan’s struggling economy.

Can donations made last year be claimed?

Donations to nonprofit organizations made before Dec.31 can be claimed on 2011’s income taxes. The Holland Sentinel says mailed donations made close to the end of the year cannot count because the payment might not have processed and a receipt issued in time. Electronic, Automatic Clearing House or credit card donations are easier to claim because they provide an immediate confirmation number for payment, even though the bill may not be paid yet. All receipts for charitable gifts should be saved.

How will this affect local organizations?

The charitable contribution credits have brought in $100 million for nonprofit organizations, says CBS Detroit. Of that amount, the 2011 Community Education/Foundation and Homeless Shelter/Food Bank Credits Report says the MBT contributed a significant portion to public institutions. The majority of IIT funds went to support homeless shelters and community food banks.

Marilisa Kinney Sachteleben writes about people, places, events and issues in her home state of “Pure Michigan.”