Tue07292014

News

LASD, BCS boards finalize 5-year agreement

Bullis Charter School board members unanimously approved a five-year agreement with the Los Altos School District just before midnight Monday. The agreement, also unanimously approved by LASD trustees earlier in the evening, outlines facilities uses ...

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Schools

MVLA rolls out laptop integration this fall

MVLA rolls out laptop integration this fall


Town Crier File Photo
Starting in the fall, daily use of laptops in the classroom will be standard operating procedure for students at Los Altos and Mountain View high schools as the Mountain View Los Altos Union High School District launches a pil...

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Community

Generations blend behind the scenes at 'Wizard of Oz'

Generations blend behind the scenes at 'Wizard of Oz'


Altos Youth Theatre and Los Altos Stage Company rehearse a scene from “The Wizard of Oz.” ELIZA RIDGEWAY/ TOWN CRIER

A massive troupe of young people and grownups gathered in Los Altos this summer to stage the latest iteration of a childhood sta...

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Sports

Football in July

Football in July


Town Crier file photo
Mountain View High’s Anthony Avery is among the nine local players slated to play in tonight’s Silicon Valley Youth Classic.

Tonight’s 40th annual Silicon Valley Youth Classic – also known as the Charlie...

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Comment

Pools should be included: Editorial

Los Altos residents should be receiving calls this week from city representatives conducting a survey to determine priorities for a revamped Hillview Community Center.

Notice that we did not say “civic center” – chastened by a lack of public support...

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Special Sections

Looking for life without lows, local diabetic tests artificial pancreas

Looking for life without lows, local diabetic tests artificial pancreas


Photo by Ellie Van Houtte/Town Crier
Dr. Trang Ly, left, reviews blood sugar readings on a smartphone with Los Altos resident Tia Geri, right, and fellow participant Noa Simon during a closed-loop artificial pancreas study for Type 1 diabetics.
...

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Business

Palo Alto law firm coming to 400 Main

Palo Alto law firm coming to 400 Main


Ellie Van Houtte/ Town Crier
Longtime Palo Alto law firm Thoits, Love, Hershberger & McClean plans to open an office at 400 Main St. in Los Altos after construction is complete in November.

A longtime Palo Alto law firm plans to expand int...

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Books

"Frozen in Time" chronicles harrowing WWII rescue attempts


Many readers can’t resist a true-life adventure story, especially those that shine a spotlight on people who exhibit supreme courage in the face of adversity and end up surviving – or not – against the odds.

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People

RICHARD PATRICK BRENNAN

RICHARD PATRICK BRENNAN

Resident of Palo Alto

Richard Patrick Brennan, journalist, editor, author, adventurer, died at his Palo Alto home on July 4, 2014 at age 92. He led a full life, professionally and personally. He was born and raised in San Francisco, joined the Arm...

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Travel

Travel Tidbit: Ritz-Carlton, Lake Tahoe offers spa getaway

Travel Tidbit: Ritz-Carlton, Lake Tahoe offers spa getaway


Courtesy of Ritz-Carlton
The Ritz-Carlton in Lake Tahoe offers fall getaway packages that include spa treatments and yoga classes.

Fall in North Lake Tahoe boasts crisp mornings and opportunities to spend quality time in the mountains. Specially ...

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Stepping Out

PYT stages 'Shrek'

PYT stages 'Shrek'


Lyn Healy/Spotlight Moments Photography
Dana Cullinane plays Fiona in Peninsula Youth Theatre’s “Shrek The Musical.”

Peninsula Youth Theatre presents “Shrek The Musical” Saturday through Aug. 3 at the Mountain View Center for the Performing Arts...

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Spiritual Life

Foothills Congregational: 100 years and counting

Foothills Congregational: 100 years and counting


Courtesy of Carolyn Barnes
The newly built Los Altos church in 1914 featured a bell tower and an arched front window. Both continue as elements of the building as it stands today.

Foothills Congregational Church – the oldest church building in L...

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Magazine

Festival features fun for everyone

Festival features fun for everyone


TOWN CRIER FILE PHOTO
The Los Altos Arts & Wine Festival boasts more than 375 craft and arts booths.

This weekend’s 35th annual Los Altos Arts & Wine Festival promises to be jam-packed with fun activities for just about everyone. The eve...

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California implements new homebuyer tax credit with hope of helping ailing housing industry

Legislation signed by California Gov. Arnold Schwarzenegger last week provides $200 million in new homebuyer tax credits to help stimulate the state’s housing market. The new credit becomes effective May 1, a day after the federal homebuyer tax credit expires April 30.

“We have seen the positive impact the federal homebuyer tax credit and last year’s state tax credit have had on California’s housing market,” said Jeff Bell, president of the Silicon Valley Association of Realtors. “The new state tax credit will continue to bring stability to our marketplace.”

Nearly 40 percent of first-time homebuyers said they would not have purchased a home if the federal tax credit for first-time homebuyers were not offered, according to research conducted last year by the California Association of Realtors. California’s previous homebuyer tax credit program was so successful, it ran out of credits by the end of June 2009, eight months before it was set to expire.

This year’s state homebuyer tax credit is distinctly different from last year’s credit and the current federal homebuyer tax credit. The bill allocates $100 million for qualified first-time homebuyers of existing homes and $100 million for qualified homebuyers toward the purchase of new or previously unoccupied homes.

Key provisions of the new state homebuyer credit include:

•Â Credit cap is equal to the lesser of 5 percent of the purchase price or $10,000, and is disbursed in equal installments over three consecutive years.

•Â Purchasers are required to live in the home as their principal residence for at least two years, or forfeit the credit (i.e., repay it to the state).

•Â There are two different types of qualifying purchases: a single-family residence purchased by a first-time homebuyer (taxpayer who has had no ownership interest in a principal residence in the last three years) and a new single-family residence (home that has not been previously occupied).

•Â Credit is for purchases of qualified homes between May 1 and Dec. 31, 2010.

•Â Taxpayers may reserve a credit prior to the close of escrow for the purchase of a new home if the taxpayer and seller jointly sign and submit to the Franchise Tax Board a certification stating that they entered into an enforceable purchase contract on or after May 1 and on or before Dec. 31.

•Â Credit is available on a first-come, first-served basis.

Bell said Californians have a brief window of opportunity to receive up to $18,000 in combined federal and state homebuyer tax credits, but buyers need to study the rules of both tax credits carefully.

To take advantage of both tax credits, a first-time homebuyer must enter into a purchase contract for a principal residence before May 1, and close escrow between May 1 and June 30, inclusive. Buyers who are not first-time homebuyers may use the same time frames to receive up to $16,500 in combined tax credits if they are longtime residents of their existing homes as permitted under federal law, and they purchase properties that have never been previously occupied as provided under California law.

Under the federal law slated to expire, a first-time homebuyer may receive up to $8,000 in tax credits and a longtime resident may receive up to $6,500, for certain purchase contracts entered into by April 30 that close escrow by June 30. Additionally, under a newly enacted California law, a homebuyer may receive up to $10,000 in tax credits as a first-time homebuyer or buyer of a property that has never been occupied. Other terms and restrictions apply to both tax credits.

“Much has been said about receiving $18,000 in combined homebuyer credits for a limited time, but timing is essential,” Bell said. “I would proceed with caution and consult your realtor and an experienced tax adviser if you think you will be able to qualify for both credits.”

For more information, visit www.ftb.ca.gov.

The Silicon Valley Association of Realtors provided information for this article. Contact Rose Meily at This email address is being protected from spambots. You need JavaScript enabled to view it. .

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