In brief: Idaho property tax exemption will be lower
BOISE – Many Idaho homeowners will get a smaller tax break on their primary residences come 2011, but it doesn’t necessarily mean their property tax bills will go up.
Due to the moribund housing market and falling values, the maximum homeowner’s exemption next year will decrease to $92,040, from $101,153 this year.
The Idaho State Tax Commission’s Alan Dornfest said Tuesday, “The decrease reflects the recent state of the housing market.”
The law exempts 50 percent of the assessed value from taxation, but the exemption can’t exceed a maximum value that changes each year based on the Idaho Housing Price Index.
Because property tax levy rates change annually, impact on taxpayers’ bills will vary depending on local government budgets and changes in the value of other classes of property, including commercial.
Associated Press
Boeing takes Navy order for 124 F/A-18 Hornets
WASHINGTON – The Navy is ordering $5.3 billion worth of F/A-18 Hornet aircraft from Boeing Co.
Boeing says the order is for 124 aircraft to be delivered between 2012 and 2015.
The order includes 66 Super Hornets and 58 of its new Growlers, which are two-seat jets equipped with radar-jamming equipment and other gear to knock out a wide array of electronic devices.
The work will be done primarily in St. Louis and El Segundo, Calif.
Associated Press
BP to sell up to $3 billion in bonds to raise cash
NEW YORK – BP said Tuesday it plans to sell as much as $3 billion in new bonds for the first time in more than a year.
The move takes advantage of low interest rates and adds a fresh infusion of cash before incoming CEO Robert Dudley takes over on Oct. 1. Dudley is replacing Tony Hayward, who announced his departure in the wake of BP’s massive oil spill in the Gulf of Mexico.
BP PLC spokesman Robert Wine said the sale of $2 billion to $3 billion in five- and 10-year bonds is part of “routine management” of the company’s finances and not related to its handling of the Gulf spill.
The bonds are expected to be rated A2 by Moody’s Investors Service.
Analyst Phil Weiss said he expects some of the money will likely go to paying for the spill no matter what the company says, simply because of the huge cost. BP has spent $9.5 billion on the spill so far, and it’s planning for a total cost of $32.2 billion.
Associated Press
Briefcase
From wire reports
• A federal agency is issuing a $1 million fine against Abercrombie & Fitch over the way the clothing retailer kept track of the employment eligibility of its workers. The U.S. Immigration and Customs Enforcement Office said Tuesday that the fine stems from an inspection of Abercrombie’s stores in Michigan. The agency says it found nothing to indicate that the New Albany, Ohio-based company knowingly hired any illegal immigrants.
• Toyota Motor Corp. said Tuesday it will expand its product line to include minicars made by Daihatsu Motor Co. starting in 2011 in Japan. Daihatsu is 51 percent owned by Toyota. Under the agreement, Daihatsu will produce three models for Toyota, which will be sold through its “Corolla and “Netz” dealerships in Japan. The companies said they expect annual sales of about 60,000 minivehicles once all three models hit showrooms.
• A federal judge has declined to block the combination of United Airlines and Continental Airlines, clearing the way for the deal to close by Friday. Forty-nine travelers had sued in San Francisco, claiming the deal would raise fares. They asked Judge Richard Seeborg to stop the deal from closing until a jury can hear their claims. The judge’s ruling said the travelers have not shown that they personally would be harmed enough to stop the deal from moving forward.
• Coca-Cola Co. said Tuesday it will spend $1 billion in the Philippines over the next five years to expand its presence in the fast-growing market, another step by the world’s largest beverage company to focus more on emerging markets.
• Walgreen Co., the largest drugstore chain in the U.S., said Tuesday its profit rose 8 percent in the fiscal fourth quarter as it boosted sales by adding more than 500 stores. Walgreen shares jumped more than 11 percent as the results easily surpassed analyst expectations.
• AOL Inc. said Tuesday that it will buy technology blog TechCrunch and its sister sites for an undisclosed amount in a bid to expand its news production.