DES MOINES, IA (08/02/2011)(readMedia)-- State Treasurer Michael L. Fitzgerald announced today that a stop at the Great Iowa Treasure Hunt booth during the 2011 Iowa State Fair may be worthwhile, as fair goers could find their names among the hundreds of thousands of individuals with unclaimed property. "The Iowa State Fair is one of the most fun and successful ways we have to reach people who may have money in the Great Iowa Treasure Hunt," Fitzgerald stated.

"Computers will be set up for people to search for their names or someone they know at the state fair," Fitzgerald said. "Treasure Hunt staff members will be on hand to help treasure hunters print claim forms and answer questions on the spot. Over the years, we have had tremendous success in reuniting people with their lost treasures. Last year, over 7,500 people were successful in finding their name or that of someone they know."

The Great Iowa Treasure Hunt program has returned over $134 million in unclaimed property since Fitzgerald created it in 1983. Unclaimed property refers to money and other assets held by financial institutions or companies that have lost contact with the property's owner for a specific period of time. State law requires these institutions and companies to annually report and deliver unclaimed property to the State Treasurer's Office. The assets are then held until the owner or heir of the property is found. Common forms of unclaimed property include savings or checking accounts, stocks, uncashed checks, life insurance policies, utility security deposits, and safe deposit box contents.

Visit the Great Iowa Treasure Hunt booth at the Iowa State Fair, August 11 - 21, in the Varied Industries Building. The building will be open from 9 a.m. to 9 p.m. For more information about the Great Iowa Treasure Hunt, please visit www.greatiowatreasurehunt.com. Treasure seekers may also write to State Treasurer Michael L. Fitzgerald, Great Iowa Treasure Hunt, Lucas State Office Building, Des Moines, IA 50319 or correspond by email tofoundit@iowa.gov.

New Law Helps Protect Homeowners from Fraud After Natural Disasters

JOLIET - August 2, 2011. Governor Pat Quinn today signed legislation that helps protect Illinois homeowners who are trying to recover following a natural disaster. He also signed a new law that ensures landlords are able to evict tenants who commit serious crimes on the rental property.

House Bill 3034 was sponsored by Rep. Ann Williams (D-Chicago) and Sen. A.J. Wilhelmi (D-Joliet) to help protect homeowners from contractors who prey upon individuals following natural disasters. Contractors known as "storm chasers" travel to towns after natural disasters and target homeowners, especially elderly citizens, through home repair scams. These contractors misrepresent themselves in order to persuade homeowners to sign contracts for home repairs. If the work is done at all, it oftentimes must be redone due to its poor quality.

"When disasters such as storms or flooding hit, the recovery process can be overwhelming, and some individuals use that as an opportunity to take advantage of vulnerable homeowners," Governor Quinn said. "It is important that we do everything we can to stop dishonest contractors so that residents can focus their energy on rebuilding their homes and communities."

"These "stormchasers" victimize consumers at the most vulnerable times," said Rep. Williams. "This bill will help to prevent unscrupulous contractors from taking advantage of homeowners desperate to pick up the pieces after a natural disaster."

The new law prohibits roofing contractors from allowing out of state roofing contractors to lease their license numbers for compensation. It also requires roofing contractors to include their license number on all contracts, bids and advertisements. Additionally, the law enables residents to cancel a contract and requires contractors to refund any payments within 10 days of the cancellation.

"When people are the victims of a natural disaster, the last thing they need to worry about is someone trying to take advantage of them in their time of need," said Sen. Wilhelmi. "This law will prevent contractors from using unscrupulous practices to take advantage of victims and win contracts over more honest competitors."

The Illinois Department of Financial and Professional Regulation (IDFPR) issues licenses to roofing contractors and recommends that local governments require a roofing contractor to provide proof of an active state license prior to issuing a local building permit or business license. Individuals can also visit www.idfpr.com to look up roofing contractor licenses to determine whether they are active and in good standing. HB 3034 goes into effect Jan. 1.

Governor Quinn also signed Senate Bill 1766, sponsored by Sen. Wilhelmi and Rep. Anthony DeLuca (D-Chicago Heights). The law will help fight crime by requiring rental contracts to include an provision stating  that tenants can be evicted for committing a felony or a Class A misdemeanor on the property. The new law goes into effect immediately.

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Red Cross Blood Donations at Seriously Low Level; Blood Donors Needed

Blood donations nationally have been declining this summer and supplies are at seriously low levels. Though the American Red Cross issued a national appeal for blood donors on July 11, blood products are going out to area hospitals just as quickly as donations are coming in.

All blood types are needed - especially type O negative, B negative and A negative - to ensure blood supplies do not drop to emergency levels.

"Summer blood donors can mean the difference between an adequate blood supply and a shortage," said Shelly Heiden, CEO of the Heart of America Red Cross Blood Services region. "We are asking eligible donors to make appointments in the coming days to reverse the downward trend in donations that we have seen this summer."

With many donors busy or traveling and school out of session, donations have dropped dramatically. In fact, during May and June 2011, while the need for blood products remained steady, donations were at the lowest level during this time frame in 12 years. More recently extreme heat experienced throughout the region may be contributing to fewer donations.

The Red Cross needs blood donors - now more than ever - to roll up a sleeve and give as soon as possible.

To show appreciation to those who help save lives near the upcoming Labor Day holiday (August 29 to September 7), all presenting donors at Red Cross blood drives and blood donation centers in the Heart of America region will automatically be entered for a chance to win a $500 gas card. This is a part of the Red Cross' summer-long Good to Give. Good to Go. promotion that features holiday-themed raffles and a chance for one lucky donor (21 and older) in the Mid-America Blood Services Division to win a trip for four (4) to Orlando, Florida.

 

How to Donate Blood

Simply call 1-800-RED CROSS (1-800-733-2767) or visit redcrossblood.org to make an appointment or for more information.

A blood donor card or driver's license, or two other forms of identification are required at check-in. Individuals who are 17 years of age (16 with parental permission in some states), weigh at least 110 pounds and are generally in good health may be eligible to donate blood. High school students and other donors 18 years of age and younger also have to meet certain height and weight requirements.

About the American Red Cross

Governed by volunteers and supported by giving individuals and communities, the American Red Cross is the single largest supplier of blood products to hospitals throughout the United States. While local hospital needs are always met first, the Red Cross also helps ensure no patient goes without blood no matter where or when they need it. In addition to providing nearly half of the nation's blood supply, the Red Cross provides relief to victims of disaster, trains millions in lifesaving skills, serves as a communication link between U.S. military members and their families, and assists victims of international disasters or conflicts. 

 

Blood Donation Opportunities

 

CARROLL COUNTY

8/18/2011, 1:30 pm- 6:30 pm, American Legion Hall, 221 Calvert St., Chadwick,

8/19/2011, 12:00 pm- 6:00 pm, St. Wendelin's Catholic Church, 102 S. Linn, Shannon

8/22/2011, 12:00 pm- 5:00 pm, First Presbyterian Church, 502 3rd Street, Savanna

8/26/2011, 1:00 pm- 6:00 pm, Church of God, 816 S. Clay, Mount Carroll

8/30/2011, 8:00 am-11:30 am, Elkay Manufacturing, 105 N. Rochester St, Lanark

CLINTON COUNTY

8/18/2011, 10:00 am- 4:00 pm, Lyondell Chemical Company, 3400 Anamosa Road, Clinton 

 

SCOTT COUNTY

8/26/2011, 10:00 am- 1:00 pm, Hy-Vee, 2200 W. Kimberly Rd., Davenport

WHITESIDE COUNTY

8/16/2011, 1:00 pm- 5:15 pm, Old Fulton Fire Station, 912 4th Street, Fulton

8/17/2011, 2:00 pm- 6:00 pm, Rock Falls Blood Donation Center, 112 W. Second St., Rock Falls

8/23/2011, 1:00 pm- 5:15 pm, Old Fulton Fire Station, 912 4th Street, Fulton

8/24/2011, 3:00 pm- 7:00 pm, Abiding Word Church, 806 E Lynn Blvd., Sterling

8/24/2011, 10:00 am- 2:00 pm, Rock Falls Blood Donation Center, 112 W. Second St., Rock Falls

8/25/2011, 4:00 pm- 7:00 pm, Rock Falls Blood Donation Center, 112 W. Second St., Rock Falls

8/31/2011, 2:00 pm- 6:00 pm, Rock Falls Blood Donation Center, 112 W. Second St., Rock Falls

 

Q.  What are tax expenditures, and why are they in the news?

A.  Tax expenditures are defined in the Congressional Budget Act of 1974 as lost federal income due to provisions in the tax code that exempt or reduce taxes for certain groups, products or activities.  Tax expenditures were intentionally passed by Congress for certain policy goals, such as encouraging employer-provided health insurance or home ownership, so they are also called tax incentives.  Since they help achieve goals set by Congress, they are not loopholes. The debate in Washington over reducing the federal debt has invoked whether certain tax expenditures should be ended.  Stopping these tax expenditures would raise money for the federal Treasury but also would take away tax incentives that are used by tens of millions of middle-income taxpayers.  There's also controversy over whether the amount of revenue raised by ending some of the tax expenditures is overstated and whether the revenue gained would be worth ending policies that support widely desirable behavior, like pension plan contributions.  

Q.  What are the biggest tax expenditures?

A.  An analysis by Senator Orrin Hatch of Utah, who serves as Ranking Member of the Senate Committee on Finance, which is responsible for tax legislation, determined these top 10 largest tax expenditures.  The analysis was based on data from the nonpartisan Joint Committee on Taxation, Congress' official estimator for the cost of tax legislation.

Exclusion for Employer-Provided Health Insurance.
Representing 13 percent of tax expenditures, it's the single largest tax expenditure.  To do away with this would threaten access to health care for families and individuals that have health insurance through their employers.

Home Mortgage Interest Deduction.
Having helped millions of Americans achieve home ownership, this expenditure accounts for nine percent of all tax expenditures.

Preferential Rates for Dividends & Capital Gains.
Take away this tax expenditure which accounts for eight percent of tax expenditures, and the rate on dividends will almost triple in less than 18 months, and the rate on capital gains will go up 59 percent, also in less than 18 months.  This will discourage investment in stocks and bonds.

Exclusion of Medicare Benefits.
Accounting for seven percent of tax expenditures, its elimination would increase taxes seniors' Medicare benefits.

Pre-Tax Treatment of Defined Benefit Pension Plan Contributions.
This is a tax benefit that reduces the cost for those workers who save for retirement.  It represents six percent of tax expenditures.

Earned Income Tax Credit. 
Designed for low-income people, the Earned Income Tax Credit accounts for five percent of all tax expenditures.

Deduction for State and Local Taxes. 
This deduction would hit high-tax states hardest, driving up the marginal rate of taxpayers who take this deduction by as much as 35 percent.  It represents five percent of all tax expenditures.

Pre-Tax Treatment for Contributions to a 401(k).  
At four percent of tax expenditures, this is a significant incentive to families and individuals to save for retirement.

Exclusion of Capital Gains at Death.  
If this one goes, death would be taxed twice.  First, the decedent's estate might get hit with the death tax.  Then the decedent's heirs would be subject to tax again on the gain embedded in any inherited asset, should they decide to sell it.  This accounts for four percent of tax expenditures.

Deductions for Charitable Contributions. 
This is the tax benefit for donations to charities other than education and health care institutions, including donations to religious institutions.  This charitable deduction represents four percent of tax expenditures.

Source: Joint Committee on Taxation, "Estimates Of Federal Tax Expenditures For Fiscal Years 2010-2014," December 21, 2010. http://www.jct.gov/publications  

 

Q.  Are tax expenditures the same as tax loopholes?

A.  Despite some political arguments to the contrary, tax expenditures are neither spending nor tax loopholes for millionaires, yachts or corporate jets.  Less than one-tenth of one percent of all tax expenditures benefit corporate jet owners.  Tax expenditures are used by many families and individuals.  Consideration of them by Congress should be done in a comprehensive tax reform debate to make sure the tax code is made more efficient and no more burdensome than it is today.