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Home My WebLink About2001-10-18 Community Preservation Act Study Committee MinutesD Community Preservation Act Study Commission CLERK Minutes for meeting on Thursday, October 18, 2001 ~ n A ASS. 7:35 Meeting came to order. 2001 WIN 13 P 3. 4 b Present: Paul Dustin, Chair, Patricia Lloyd, Vice Chair, Richard Howard, Virginia Adams, Kim Honetschlager, Tim Kelly Status of Oct. 16, 2001 Board of Selectmen's meeting was discussed. Committee is now in existence until April 30, 2002. Report status was discussed. The report was submitted and will go out with the town meeting packets. Schedule of upcoming meetings was discussed. Monday Oct. 22 at 7:30 is Bylaw Committee's review of the warrant. Wednesday, Oct. 24 at 7:30 is Finance Committee's review of the warrant. Town meeting begins on Nov. 13, but CPA will probably come up on Thursday, Nov. 15. Discussed presentation at town meeting. Pat Lloyd will give overview, Tim Kelly will present Housing, Kim Honetschlager will present open space, including recreation, and Rick Schubert will wrap up and give the Board of Selectmen viewpoint. Pat will discuss historic preservation in overview and Virginia will speak from the floor. Preparation of a single page handout for town meeting was discussed but not finalized. Nov. 1, 2001 forum was discussed. Paul Dustin will try to call DOR, contact Advocate and cable TV. Straw poll indicated at least 5 of committee would be at forum. Paul will also prepare the flier to be inserted on Oct. 22. We will ask our own commissions to attend. A meeting to prepare for town meeting was scheduled for Thursday, Nov. 8 at 7:30 p.m. Bill Brown asked to include some research on the tax deduction information into the record. He provide the attached documents: July 27, 2001, letter from State Representative Bradley Jones and a printed out copy of hLp://www.irs.ustreas.gov/prod/tax edu/teletax/tc503.html, dated 10/17/2001. We discussed preparing overheads for town meeting. Pat Lloyd moved and Richard Howard seconded approving the minutes dated Oct. 3, 2001. 6-0 in favor. 9 p.m. Pat Lloyd moved and Kim Honetschlager seconded adjourning. 6-0 in favor. w W 1 C e~ p~ Vev BRADLEY K JONES, JR. STATE REPRESENTATIVE ASSISTANT MINORITY LEADER Mr. William Brown 28 Martin Road Reading, MA 01867 Dear Mr, wn, July 27, 2001 21 ST MIDDLESEX DISTRICT READING • NORTH READING NORTH ANDOVER ROOM 124 TEL. (617) 722-2100 Rep.BraclleyJones@hou.state.ma.us Thank you for stopping by my office hours seeking information on a variety of issues. My office inquired on your behalf regarding whether a property surcharge is tax deductible. Unfortunately, the additional money paid on your property for the Community Preservation Act is not deductible on state or federal income tax, because it is a separate itemized surcharge and not technically a tax. We also checked with the Department of Veterans' Services to see if there is any state funding available for Memorial Day flowers. Regrettably, the answer is no, however, I would suggest contacting your local American Legion to seek a small contribution towards your fund, as they may be inclined to assist in providing such a thoughtful service. Once again, thank you for contacting my office. If I can be of any further assistance to you regarding these matters or any others please do not hesitate to contact me at your convenience. 460 PAO( 07 Ci'LCJfIdQ ~C(~1i9l2lLWJfCFL Si er , Bradley Jr. P Leader Tax Topic 503, Deductible Taxes - IRS n MW Deductible Taxes Topic 503 There are three types of deductible non-business taxes: j 1. State, local and foreign income tax 7 , 2. Real estate tax; and 3. Personal property tax. To be deductible the tax must be imposed on you and must have been paid during your tax year. Taxes may be claimed only as an itemized deduction on Form 1040, Schedule A. State and local income taxes withheld from your wages during the year appear on your Form W-2. The following amounts are also deductible: 1. Any estimated taxes you paid to state or local governments during the year, and 2. Any prior year's state or local income tax you paid during the year. Generally, you can take either a deduction or a tax credit for foreign income taxes imposed on you by a foreign country or a United States possession. For information regarding the foreign tax credit, refer to Topic _856. As an employee, you can deduct Page 1 of L benefits. However, you can increase the cost basis of your property by the amount of the assessment. See Publication 55L Basis of Assets, for more information. ' If a portion of your monthly mortgage payment goes into an escrow account, and periodically the { lender pays your real estate taxes out w of the account to the local "government, do not deduct the amount paid into the escrow account. Only deduct the amount actually paid out of the escrow account during the E year to the taxing authority. Deductible personal property taxes are only those based on the value of personal property such as a boat or car. The tax must be charged to you on a yearly basis, even if it is collected more than once a year or less than once a year. Taxes and fees you cannot deduct on Schedule A include Federal income taxes, sales taxes, social security taxes, stamp taxes, or transfer taxes on the sale of property, homeowner's association ees, es e and inheritance taxes and service charges for water, sewer, or trash collection. ililp.i/~Jvnvv~xf.irs. u~5 L3 E'i£~i.~.gvv~pr vii! tax vd~i~vJtavi vtµ ~tv~'v~.~itii~il ~ nip ~i7nn~ Tax Topic 503, Deductible Taxes - IRS mandatory contributions to state benefit funds that provide protection against loss of wages. Deductible real estate taxes are generally any state, local, or foreign taxes on real property. They must be charged uniformly against all property in the jurisdiction and must be based on the assessed value. Many states and counties also impose local benefit taxes for improvements to property, such as assessments for streets, sidewalks, and sewer lines. These taxes cannot be deducted.. Local benefits are deductible if they are for maintenance or repair, or interest charges related to those You may be subject to a limit on some of your itemized deductions including non-business taxes. For 2000, this limit applies if your adjusted gross income is more than $128,950, or $64,475 if you are married filing separately. For more information on non- business deductions for taxes see Form 1040 instructions, Rublkcation Your Federal Income Tax, Standard Deduction and Itemized Deductions, or F`.AQ,_ Itemized ;Deductions. Forms and publications can be downloaded froom this_site, or ordered by calling 1-800-829-3676. T ,,Scats Tax Info For_You I Tax Info For Business yor HeII? Ed ~ I ax ~Zegs..In En is , Electronic Services I TarpA IRS Newsstand I Ear ns_c~ Pubs I ?hat's Hit I ~1Ieet The Com issioa~_cr Comments Delp. Hoj to Contact Us I $zte 'Tree I .5 lobs HdAy' 19-J'a -2001 09:50:s`m ES Hass SOMA #44 PI rage Z' ui Z_ http://www.irs.ustreas.gov/prod/tax-edu/teletax/tc503.httnl 10/17/2001