What the new climate bill could mean for San Diego

The $369 billion climate package approved by the Senate on Sunday could bring San Diego a cash infusion that could move major climate projects off of wish lists and into construction — from more rooftop solar and zero-emission vehicles to electrifying buildings and port facilities.

Rep. Scott Peters, D-San Diego, said San Diego could get funding to speed the construction of electric vehicle charging networks and needed port improvements, including electric dock equipment and shore power systems that allow ships to plug in at harbor instead of idling on diesel fuel.

San Diego has moved that goalpost even closer, aiming for net zero emissions by 2035. The city passed its new Climate Action Plan last week, and this week the county will release its sweeping blueprint for cutting emissions countywide.

The federal funding could jumpstart the city’s plan to require electric power for new construction and transition existing buildings off of natural gas, said Brenda Garcia Millan, a policy analyst for the San Diego Climate Action Campaign.

She also said the bill‘s $60 billion in funding for environmental justice could help improve air quality and cut greenhouse emissions in communities most affected by air pollution, such as Barrio Logan and San Ysidro. But she cautioned that the city must have a plan in place to compete for and spend grant money for those projects.

read more at: https://www.sandiegouniontribune.com/news/politics/story/2022-08-08/climate-bill-san-diego

San Diego: Interior design pros offering $99/hour consultations now until end of June for charity

If your home’s interior could use a professional refresh, the San Diego chapter of the American Society of Interior Designers (ASID) chapter has a solution.

From now through the end of June, members will conduct in-home design consultations during the ASID “Spring Spruce Up” fundraiser. The discounted fee of $99 per hour (minimum one hour/maximum two hours) is a donation to the local ASID chapter; the designer volunteers their time.

ASID can provide experts in all aspects of design, including space planning, staging, color selection, kitchen design, aging in place, art and furniture placement, outdoor rooms, historic preservation, media rooms, multigenerational living, universal design, window treatments and commercial design. Designers are chosen to meet each client’s specific needs.

read more at: https://www.sandiegouniontribune.com/lifestyle/home-and-garden/story/2022-05-21/san-diegos-interior-design-pros-have-a-spring-spruce-up-offer

How to Understand and Reduce Taxes When Selling Your Home

If your home’s value has soared, congratulations. If you decide to sell, beware.

How Tax rules have changed:

Until 1997, home sellers didn’t have to pay taxes on their profits if they bought another home of equal or greater value within two years. In addition, people 55 and older could use a one-time exclusion to avoid paying taxes on up to $125,000 of home sale profits.

The Taxpayer Relief Act of 1997 changed the rules so that instead of rolling profits into another home, homeowners could exclude up to $250,000 of home sale profits from their income. To qualify for the full exclusion, home sellers must have owned and lived in the home at least two of the five years prior to the sale. Married couples could shelter up to $500,000.

Those exclusion limits haven’t changed in 25 years, while home values have nearly tripled. The median home sale price when the law passed was $145,800, according to the Federal Reserve Bank of St. Louis. The median was $428,700 in the first three months of this year. Median means half of homes sold for less and half for more.

Why your tax basis matters: Let’s say you realized $600,000 from your home sale. You originally bought it for  $200,000 and remodeled the kitchen for $50,000. You’d subtract that $250,000 from the $600,000 to get $350,000 in capital gains.

read more at: https://www.nerdwallet.com/article/finance/how-to-understand-and-reduce-taxes-when-selling-your-home