Business brief roundup

TOKYO - The head of Honda Motor Co. said Thursday his company aims to keep production levels high in the United States and purchase more parts there to help support the U.S. economy and its floundering auto industry.

Takeo Fukui said such measures were preferable to raising prices on Japanese cars.

Honda currently produces about 80 percent of its vehicles for the American market in the United States and buys as much as 98 percent of auto parts needed for its U.S.-market cars from local suppliers, Fukui said.

Japanese officials have been considering ways to help the U.S. auto industry as General Motors and Ford watch their U.S. market share become sharply eroded by Asian rivals, including Honda and Toyota.

The fears are that the success of Japanese automakers could set off a protectionist backlash in America.

Credit card used in child support

Birmingham's AmSouth Bank said the State of Alabama is using its Spectrum Card, a Visa-branded payroll card that works like a debit card, to simplify court-ordered child-support payments for parents.

Beginning June 1, AmSouth said 20,000 parents who receive child support payments through the Alabama Central Disbursement Division will have the option on receiving the payment on the Spectrum card.

IRS eyes grants for low-income clinics

The Internal Revenue Service is accepting applications from agencies seeking grants to operate 2006 Low Income Taxpayer Clinics.

Under the program, the IRS awards matching grants up to $100,000 a year to develop, expand or continue low income taxpayer clinics. In Alabama, a total of $70,000 in LITC grants was awarded to two organizations for 2005.

Application packages and guidelines are available at www.irs.gov/advocate or by calling 800-829-3676.

Residents urged to be tax-ready

April 15 signaled the end of the 2004 tax filing season, but the Alabama Department of Revenue issued an alert this week reminding taxpayers to start reviewing 2005 obligations and preparing for next year's filings.

Businesses and the self-employed face a June 15 quarterly filing deadline for estimated tax payments, state Revenue Commissioner Tom Surtees said in a statement.

From staff and wire reports --

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.