The recently enacted economic-stimulus law contains a number of provisions but hidden within the legislation is an unusually attractive new tax break for many homebuyers — if they can only figure out how it works.

The new law sweetens a provision known as the "first-time homebuyer credit." In essence, if you meet certain qualifications, such as buying a home from Jan. 1 through Nov. 30 this year, you may be eligible for a tax credit of as much as $8,000. You also have a choice of claiming the credit on your federal income-tax return for 2008 or 2009. A credit is typically more valuable than a deduction, since it eliminates your taxes on a dollar-for-dollar basis — and in this case, you may receive the credit even if you don’t owe any taxes.Continue Reading Economic Stimulus Offers New Tax Breaks for Homebuyers

Tom Bolt, Chair of the Virgin Islands Continuum of Care on Homelessness, addressed the American Bar Association’s Commission on Homelessness and Poverty at its Midyear Meeting earlier today in Boston, Massachusetts.

Bolt noted that the current economic situation would continue to put a strain on homeless services throughout the nation and would advance from the ranks of low income to middle income families.  "We are look at an economic tidal wave that could devastate many families that never thought homelessness would touch them."

Continue Reading Territorial Advocate Addresses National Homeless Commission

In today’s difficult economy, a critical indicator of a property manager’s success is their effectiveness in controlling overdue rents.  A well-run property should not have chronically delinquent tenants.  However, when delinquencies occcur, immediate action must be taken.  A rent roll listing all delinquent rents should be prepared showing the rent and all other balances for all tenants.  In addition, property managers should provide a delinquency report recording the manner and all  collection attempts for each tenant.

When initial notification of the delinquency does not help, the property manager should review the lease’s termination rights and consider potential legal action against the tenant.  Should a delinquent tenant vacate the premises, late charges and legal fees should be deducted from the security deposit.

Continue Reading Controlling Delinquent Rents in Difficult Economy

St. Thomas environmental attorney Nycole Thompson of Tom Bolt & Associates, PC and counsel to the Friends of Christmas Cove addressed a jammed Port Authority conference room Tuesday night during a Coastal Zone Management (CZM) Committee public hearing regarding a proposal to moor a floating bar and restaurant known as the Leylon Sneed in Christmas Cove. 

Thompson working with the newly formed citizen’s group Friends of Christmas Cove told the CMZ commissioners that grounds for denial of the permit rest in the fact that it hasn’t met the application standards for such things as environmental findings and proof that the proposal serves the public good.  "The application submitted to the Commission was woefully insufficient," Nycole Thompson said. "Because there is insufficient information … this permit should not be granted." 
     

Continue Reading Environmental Attorney Defends Endangered Species at Christmas Cove

Tom Bolt, Chairman of the Board of Alliance Title & Trust Company, LLC, one of the largest and most comprehensive title insurance agencies in the United States Virgin Islands, announced the appointment Tuesday of its new President, Christopher R. Johnson.  “Johnson, an attorney  who was recently working with the law firm of Morgan, Lewis, and  Bockius in Philadelphia brings significant experience in real estate and title insurance to Alliance.” Bolt said.  “In addition to being a partner in his own title company, Chris has a  thorough knowledge of real estate, real estate development and finance and the title industry.  He will be an invaluable asset to our continuing to grow Alliance Title & Trust Company.”

 Continue Reading Alliance Title & Trust Company Adds New Staff

Tom Bolt, Managing Attorney of Tom Bolt & Associates, PC, announced on Monday that Carl R. Williams, formerly with the Law Offices of Michael Dunston, would be joining the firm to Chair its Real Estate and Estate Planning Practice Group.

"Carl has served the real estate needs of his clients for a number of years. …

Governor John P. deJongh, Jr. announced Saturday at the Annual Meeting of the Virgin Islands Territorial Association of REALTORS at Caneel Bay on St. John that President Bush had signed a bill that had been stalled in the U.S. Congress that would allow the Legislature of the Virgin Islands to implement special assessment rates for real property tax bills.

Tom Bolt, General Counsel for VITAR explained to the group that previously the federal court had ruled that the local goverment did not have the authority to provide special assessment rates.  "This put homestead, veterans, senior citizens, and disabled persons assessment rates in jeopardy." Bolt explained.  "With the new law in place, these rates are now authorized by law." Attorney Bolt explained. Continue Reading President Bush Signs Virgin Islands Property Tax Bill

A.P. Carlton, a nationally renowned expert on Public Private Partnerships (PPPs) briefed civic and business leaders today about the advantages and benefits for the US Virgin Islands in utilizing PPP’s, their impact on the Territory’s economy and workforce, as well as the regulatory environment.

Speaking to the Rotary Club of St. Thomas Sunrise, Mr. Carlton pointed out how the strategic utilization of private partnerships for public needs could assist and accelerate theconstruction of schools, hospitals, prisons and roads.

Continue Reading Leading Expert Briefs Civic Leaders on Advantages of Public Private Partnerships