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2013 Federal Income Tax Update

This may be the final year the Bush tax cuts remain in effect unless Congress acts to further extend them. The Bush tax cuts, enacted in 2001 and 2003, were originally scheduled to expire for tax years beginning in 2011. However, President Obama signed legislation in late 2010 that temporarily extended the Bush tax cuts through 2012.

Many commentators agree that Congress is unlikely to extend the Bush tax cuts prior to the November elections, but uncertainty remains as to whether Congress will take action following the elections. Provided Congress fails to extend the Bush tax cuts, many significant rate changes and other substantive changes will take effect in 2013. This article summarizes the major federal income tax changes that are scheduled take effect in 2013 if Congress allows the Bush tax cuts to expire, certain other changes scheduled to take effect independent of the Bush tax cuts, and planning strategies to reduce the impact of these changes.

Austin’s Mueller Community Growth

For the last 20 years there has been a redevelopment evolving at the old airport site at Mueller community and the lead developer is Catellus Development Corp., appointed by the city of Austin.  This is a huge undertaking with approximately 700 acres located in the CBD of Austin, and it will be the largest public-private venture in Austin’s history.  The project completion will take another 4 to 6 years, and the city estimates that Mueller will add about $1.1 billion in taxable property value.

One of the most anticipated properties is a 75,000 sq. ft. H-E-B grocery store which will anchor the Market District.   This spring ground breaking construction is to start on a 112 room Residence Inn by Marriott.  Our clients that have the financial suitability, classified as accredited by FINRA, may consider this as an investment.  
There is also a second phase of apartments, 301 units, being developed by Simmons Vedder Company.  In addition, by summer or early fall, the Austin Independent School District should break ground on a highly anticipated performing arts center with a targeted opening of August 2013.

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Investment Advisory services offered through, Waterloo Capital, L.P. a SEC Registered Investment Advisor. Securities offered through Calton & Associates, Inc. Member FINRA/SIPC OSJ 2701 N. Rocky Point Dr., Suite 1000, Tampa, FL 33607 (813) 605-0918 Waterloo Capital, L.P., PlanningWorks, Inc. and Calton & Associates, Inc. are separate entities.

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