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					10                                                            THE KENYA MONITOR                                                               November 2009

Equity Bank and CEO Top African                                             business
Investor Series Awards
whilst transforming the livelihoods of many
unbanked Kenyans .As a result, leading business
schools including Stanford, Harvard, Columbia, &
IESE have made Equity a case study. The judges
noted that Equity Bank had become a symbol of
social economic empowerment through its inclusive
business model that focuses on accessibility,
affordability & convenience enabling many lower
income earners to gain access to formal banking.
 Receiving the two awards on behalf of the Bank
in New York, Dr Mwangi said;” The double honour
goes to Equity Bank customers who have stood with
the Bank over the years, making it the biggest bank
in the region.
“It is testimony to the fact that indigenous owned
banks in Africa, targeting the largely unbanked mass
market, can be managed effectively and compete
with the best in the world and emerge tops,” Dr
Mwangi said.
Mr Hubert Danso, the Vice Chairman of Africa
investor said the awards represented one of the most
challenging investment periods in the economic
history in Africa.
“These Awards go a long way in highlighting the
enormous potential and opportunities offered by              Dr. James Mwangi, CEO Equity Bank, on receiving the Africa Investor Index Series Award.
Africa’s capital markets,” Mr Danso said.


                                                         $8000 Tax Credit for first
Dr AlhajiTukur, Chairman of the NEPAD Business
Group and Africa investor remarked during the
Awards said : “Regarded as Africa’s Fortune 500,
these awards are a tribute not only to those nominated
or the winners, but all the actors in Africa’s capital
markets community enabling us to have remarkable         time Home Buyers
success stories to showcase to the world.”
The Johannesburg Stock Exchange received the             Use it or lose it—Time is running out



                                                                                  T
award for Most Innovative African Stock Exchange,        By: Amos Wangombe
with a particular mention of their innovative Africa
Board initiative.                                                                          here is a nice         history of both the home buyer and his/her spouse.
                                                                                           windfall        for    Ownership of a vacation home or rental property not
                                                                                           homebuyers in the      used as a principal residence does not disqualify a
                                                                                   economic          stimulus     buyer as a first-time home buyer.
                                                                                   bill that was signed by
                                                                                   President Obama. The           Are there any income limits for claiming
                                                                                   American Recovery and          the tax credit?
                                                                                   Reinvestment Act of 2009       Yes. The income limit for single taxpayers is
                                                                                   authorizes a tax credit of     $75,000; the limit is $150,000 for married taxpayers
                                                                                   up to $8,000 for qualified     filing a joint return. The tax credit amount is reduced
                                                                                   first-time home buyers         for buyers with a modified adjusted gross income
  Equity Bank (Kenya) USA Agent                          purchasing a principal residence on or after January     (MAGI) of more than $75,000 for single taxpayers
  Open your account in Kenya while still                 1, 2009 and before December 1, 2009. First-time          and $150,000 for married taxpayers filing a joint
                                                         buyers can claim a credit worth $8,000 - or 10% of       return.
  in USA. Get your account in less than a                the home’s value, whichever is less - on their 2008
  week.                                                  or 2009 taxes. This is a “use it or lose it” kind of     How is this home buyer tax credit different
  Mail the following requirements to our                 opportunity and it’s not open ended. As you read this    from the tax credit that Congress enacted
  office:                                                article, remember, TIME IS RUNNING OUT!                  in July of 2008?
  Application forms filled out                                                                                   The 2008 credit was for $7,500, and unfortunately
  Copy of your Kenyan passport or                       Who is Eligible?                                         needed to be paid back. The current 2009 version is
   Kenyan ID (Newer generation)                          To be eligible for the tax credit, you need to be a      for $8,000, and never has to be paid back. This tax
                                                         First-time home buyer purchasing any kind of home.       incentive is a true tax credit. However, home buyers
  Copy of proof of address in the USA.
                                                         The purchase must occur on or after January 1, 2009      must use the residence as a principal residence for
  Two passport size pictures.                           and before December 1, 2009. For the purposes of         at least three years or face recapture of the tax credit
  Get finance for your dream house in                   the tax credit, the purchase date is the date when       amount.
   Kenya up to KShs 12 Million!                          closing occurs and the title to the property transfers   How do I apply to get the credit now?
                                                         to the home owner. A limited exception exists for        Getting the credit is extremely easy. The IRS has
  Easy Process. Call Us Today For New
                                                         certain contract for deed purchases and installment      created a form to be filed with your return. It’s Form
   account Opening.
                                                         sale purchases.                                          5405, and it essentially only requires that you list the
  To Download Account Opening Forms;
                                                                                                                  date of the purchase, purchase price, and the address
  Please Visit us online at www.jusken.com
                                                         Who is considered a First-Time Home                      of the home. The 2009 credit can be taken against
  or send a request at:
                                                         Buyer?                                                   your 2008 return. So, if you buy a home today and
  info@jusken.com
                                                         Okay, so if I don’t qualify for this credit, who does?   qualify for this credit, you can file an amended 2008
  Jusken Financial & Marketing                           The law defines “first-time home buyer” as a buyer       return and receive your $8,000 credit now. Actually,
  781.297.7007                                           who has not owned a principal residence during           the process apparently takes around six weeks.
  810 Washington St Suite # 5                            the three-year period prior to the purchase. For
  Stoughton, MA 02072                                    married taxpayers, the law tests the homeownership


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