Representative Bruce Bickford’s

ETNewsletter

March 5, 2010

State Issues:

 

Internal Revenue Service Offers Free Tax Filing Service

 

The U.S. Internal Revenue Service, in partnership with the Free File Alliance, offers free federal income tax preparation and electronic filing for eligible taxpayers. The traditional free file service will ask you simple questions, provide you with the direct forms, do math, check for accuracy, and more. If your adjusted gross income for 2009 was $57,000 or less, you are eligible to use this service.

 

The IRS also provides the option of filing your tax forms online yourself, without assistance. This service is available to all taxpayers regardless of income. To access both of these services, visit http://www.irs.gov and click the “Free File” icon on the right side of the page. Note that all of these services only apply to federal tax filings. For information on filing your Maine taxes online, visit http://www.maine.gov/revenue.

 

Heating Oil Prices Rise Slightly

 

The statewide average price of No.2 heating oil rose by one cent last week to $2.67 a gallon, according to the latest survey by state officials.  This followed several weeks of relatively stable heating oil prices, but is more than fifty cents higher than this time last year, when statewide prices were $2.15 a gallon.

 

Prices varied across the state, with a high price of $2.85 a gallon in eastern Maine and the lowest price of $2.36 a gallon in southwestern Maine. The price of kerosene also rose by a penny, to $3.04 a gallon, while the price of propane fell slightly to $2.89 a gallon.

 

New Credit Card Regulations Take Effect

 

A federal law passed in 2009, the Credit Card Accountability Responsibility and Disclosure Act, took effect recently. The bill established a variety of new restrictions on credit card issuers and new protections for many consumers, including:

 

·        No interest rate increases during the first 12 months of opening a credit card, unless the rate increase was disclosed when the account was initially opened.

·        Promotional rates must last at least six months and the interest rate that will apply thereafter must be disclosed.

·        No interest rate increases on pre-existing balances. If a card issuer decides to increase the interest rate, that new rate would only apply to new balances. (If a cardholder becomes more than 60 days late on credit card payments, this new regulation does not apply.)

·        Credit card issuers must give a 45-day advanced notice before increasing interest rates or making other major changes to a credit card agreement and provide the cardholder with the right to opt out of these changes.

·        Increased rates must be reviewed and lowered if the review shows changes.

·        Credit card issuers are prohibited from issuing a credit card to consumers who are not yet 21 years old unless the application includes the signature of a co-signer who is at least 21 years old or the application includes information that the consumer has the ability to make the required payments.

 

If you have any questions about these changes, please contact the state’s Bureau of Financial Institutions at 1-800-965-5235.

 

 

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