PHOENIX — Freeport-McMoRan Copper & Gold Inc. on Wednesday said its first-quarter net income applicable to common stock fell 96 percent amid a global economic downturn that has crushed commodity prices as demand for base metals has dropped.

The world’s largest publicly traded copper company reported earnings of $43 million, or 11 cents per share, down from $1.1 billion, or $2.64 per share during the same period last year.

To cope with weakened commodity prices, Freeport-McMoRan has cut production, postponed projects and laid off thousands of miners to control costs. It also limited investment when credit markets tightened.

Revenue slid 54 percent to $2.6 billion from $5.67 billion.

Analysts projected profit of 13 cents per share on revenue of $2.69 billion.

Phoenix-based Freeport-McMoRan said its first-quarter consolidated sales from mines climbed to 1 billion pounds of copper, 545,000 ounces of gold and 10 million pounds of molybdenum. That compares with 911 million pounds of copper, 280,000 ounces of gold and 20 million pounds of molybdenum during the same period in 2008.

The company estimated its 2009 consolidated sales from its mines will amount to 3.9 billion pounds of copper, 2.3 million ounces of gold and 50 million pounds of molybdenum. Copper is used in a variety of products, from wiring and electronics to housing construction while molybdenum is used to strengthen steel.

Shares of the company fell $1.21, or 3 percent, to $39.52 in premarket trading. The stock has ranged from $15.70 to $127.24 over the past year.

AP-WS-04-22-09 0859EDT

Your salary may not be increasing, but your take-home pay probably is.

That’s the impact of the Making Work Pay tax credit, which is starting to show up in paychecks right about now.

Recent economy-boosting legislation provides for a credit or direct reduction in taxes worth up to $400 for single workers and $800 for married couples filing joint returns.

The impact: Roughly $10 per worker per week in extra take-home pay.

The credit aims to get extra cash into the hands of Americans to prop up consumer spending. Still, not everyone qualifies.

The credit, calculated at 6.2 percent of earned income, will start to phase out for those with modified adjusted gross income above $75,000 (singles) and $150,000 (married couples). It ends completely above $95,000/ $190,000.

The impact on state-tax withholdings is a bit less certain. State withholdings have started to come down, too, but Gov. Jan Brewer on Thursday signed into law emergency legislation raising Arizona’s income-tax withholding percentages so a taxpayer’s state withholding doesn’t change with reduced federal rates.

Here are some questions and answers about the subject:

Question: Must workers do anything to get lower withholding?

Answer: In most cases, no. Changes typically will be handled by employers, at least for those workers who receive a paycheck.

Q: How much more will show up in my paycheck?

A: That depends on factors including your income, filing status, frequency of pay periods and number of withholding allowances you choose.

Q: Do I have to account for these changes when preparing my tax return next year?

A: Credit amounts will need to be calculated on your 2009 income-tax return, the IRS says. If you don’t have taxes withheld by an employer, you can claim the credit then.

Q: Do I need to submit a new Form W-4 to change my withholding amount?

A: No, but it may be smart to file one because the withholding amounts may not be close to the $400/$800 yearly credit maximums.

“The results are varied, to say the least,” said Bob Trinz, senior tax analyst at Thomson Reuters.

The company ran various withholding simulations and found that some workers will see an increase in take-home pay that far exceeds the credit amount, while others will have too much withheld.

In particular, withholding errors may arise for people holding multiple jobs, Trinz said.

People who have too little withheld may face a hefty tax bill next year.

Q: Where can I get more information?

A: IRS Publication 919 has details and a Making Work Pay worksheet. The IRS has a “withholding calculator” at www.irs.gov.

Q: How long will lower withholding apply?

A: The changes apply to tax years 2009 and 2010.

Q: What’s going on with Arizona tax withholdings?

A: Arizona withholdings, at least temporarily, are falling, too. That’s because they’re based on a percentage of federal withholdings.

“Both pieces are going down,” said Anthony Forschino, assistant director of the Arizona Department of Revenue.

However Senate Bill 1185, approved last week and signed by the governor Tuesday, will raise Arizona withholdings roughly back up to where they were before the federal changes took effect, in order to maintain state-tax collections. The state withholding change will take effect May 1.

Because of reductions in federal rates included in the economic stimulus law, Arizona would have lost $73 million in revenue in the fiscal year ending June 30. The state eventually would have gotten the money when tax returns were filed in 2010.

Q: How will Arizona handle paycheck withholdings in the future?

A: One aspect of the new bill will create separate state-withholding tables starting July 1, 2010, said Anthony Forschino, assistant director of the Arizona Department of Revenue. That way, state-tax collections won’t be directly influenced by withholding changes at the federal level.

Tax scofflaws, listen up: You’ll soon have one month to file those past-due state tax returns and get your bills paid up.

Arizona recently announced an amnesty program for individuals and businesses that will feature waived penalties, no threat of prosecution and a reduced interest rate of 3 percent on back taxes.

The official goal of the program: offer relief and a fresh start to people who, for whatever reason, underreported taxes or failed to file their returns, including those who weren’t aware of the need to file.

The unofficial goal: raise more money for Arizona during a time of budget pressures.

“Obviously the state is seeking money,” said Steve Newmark, a tax attorney at Jennings Strouss in Phoenix. “It’s also a rare opportunity that taxpayers who qualify should take advantage of.”

The amnesty will run from May 1 through June 1 and cover individual and corporate income, withholding, luxury, sales, use and a few other taxes but not property levies.

It will cover the years 2002 through 2007 for income and other tax returns filed annually. The amnesty covers the period 2003 through 2007 for sales and other tax data filed monthly or quarterly.

This isn’t the first time Arizona has offered a tax amnesty. Six years ago, at the tail end of another recession, the state collected $70 million, or nearly three times the expected amount, said Anthony Forschino, assistant director at the Department of Revenue.

This time, the state has lowered its expectations to a loose estimate of $5 million in anticipated revenues. Officials don’t know how many people might apply or how much will be collected, Forschino said.

Amnesty seekers must pay any tax bills in full with their application.

“One downside is that taxpayers are giving up all rights to contest whether the tax is due,” Newmark said. “But in most cases, I suspect it’s clearly due.”

The state’s plan was adopted by the legislature in late January.

Arizona is one of eight states with an amnesty in the works this year, according to Kathleen Thies, a writer, attorney and analyst at tax researcher CCH Inc. The others are Alabama, Connecticut, Massachusetts, New Jersey, Nevada, Virginia and Wisconsin. In a couple cases including Nevada, which doesn’t impose an income tax, the amnesty is focused around sales taxes.

Legislation to create an amnesty is pending in five other states.

“We’re starting to see more tax-amnesty legislation come up,” Thies said. “We see more of these efforts during periods of budget shortfalls.”

Even some cities are joining the movement, with Phoenix unveiling a sales-tax and license-fee amnesty for businesses that will run from April 15 to June 15.

An application and additional details about Arizona’s program can be viewed at ww.azdor.gov/taxamnesty.

More than a half-million unemployed workers in Arizona and several other states are missing out on extended federal benefits because of the way laws in their states are written.

The economic stimulus package allows states with high unemployment to provide up to 20 weeks of extended federal benefits to workers who have exhausted other government benefits. But 13 states and the District of Columbia have laws written in a way that prevent them from qualifying for the money, according to a study by the National Employment Law Project, which promotes policies and programs that assist workers.

The states are Alabama, Arizona, California, Florida, Georgia, Illinois, Kentucky, Maine, Mississippi, Missouri, New York, Ohio, Tennessee.

Working-class parents attempting to make ends meet may be eligible for extra help in the form of a tax credit.

Residents who head families while earning less than $41,646 may be eligible for a $4,824 earned income tax credit.

The Valley of the Sun United Way is trying to get the word out about the credit. Last year, the non-profit group played an important part in 11,000 Arizona families receiving more than $15 million in additional tax refund.

This year the group is upping the ante, supporting 22 Volunteer Income Tax Assistance sites in eight Valley cities, including several in northeast Phoenix.

Brian Spicker, senior vice president of community impact for the Valley of the Sun United Way, said dollars are being left on the table. “That is why this outreach is so important,” he said.

The Valley of the Sun United Way says there are about $5.7 million of earned income tax-credit funds available for families in need. The local United Way is partnering with the Governor’s Earned Income Tax Credit Task Force and other community organizations to help residents.

Residents interested in finding out if they qualify for the credit can visit one of the Volunteer Income Tax Assistance locations throughout the Valley. Information about locations can be found on the United Way’s Web site, www.vsuw.org.

Interested people should bring their picture identification card, a Social Security card, proof of income, 1099, W2 and tax identification number for their child-care providers.

“The idea is to make this as simple as possible for those who could access this important tax credit,” Spicker said.

Additional criteria can be found at www.irs.gov.w

Now that the Treasury Department has fleshed out more details on its mortgage-modification effort, it raises the question: Will homeowners who seek to change the terms of their loans get penalized on their credit scores?

They could, but it’s also possible a modification could improve matters.

Credit scores reflect the information compiled by credit bureaus in consumer-credit reports, as reported by lenders. Scores obviously affect your access to loans and the interest rates you pay, also are factored in for other things, such as availability and cost of insurance.

With a loan modification, the credit-scoring impact will depend on how lenders report activity to the bureaus, and that could vary, said Barry Paperno, a manager at Fair Isaac Corp.

Anything hinting of a loan not being paid on time or as agreed could hurt. It’s also possible that a modified loan could be reported as a new loan, which could cause a slight score decrease, he said.

If you’re delinquent at the time of applying for a mortgage modification, your lender likely will report any late or missing payments as demerits. But it would do so even if you didn’t apply to change the terms of your mortgage.

“The modification itself shouldn’t do any damage,” said Ben Woolsey, director of marketing and consumer research at credit cards.com.

Another issue reflects loan modifications that specifically involve a principal reduction. Under the Obama plan, lenders first will be asked to cut interest rates to help lower monthly payments for borrowers. Then they might need to extend the length of the loan. After that, some might agree to cut the principal.

“If you write down the principal, that could be a negative if considered a debt settlement,” said Mike Sullivan, director of education at debt-counseling firm Take Charge America.

Then again, a principal reduction could make a difference in helping you retain your home.

“If you avoid foreclosure, that’s very good (for credit scoring),” Woolsey said.

Actually, the Treasury doesn’t require modification applicants to be delinquent.

“My suspicion is that if you continue to make payments, a modification won’t affect your score and could help by allowing you to stay current on payments,” said Ethan Ewing, president of bills.com.

Credit scores thus are a factor to consider if you apply for a loan modification, but not the main one.

“If you’re in that bad of shape (to seek a modification), I’m not sure if your credit score should be your primary concern,” Sullivan said.

• Fair Isaac recently tweaked its FICO credit scores in ways that could help some people and hurt others. The changes were analyzed by bills.com.

The changes aim to “help lenders better gauge actual risk by better differentiating good customers who have made one mistake from people who have multiple delinquent accounts,” Ewing said.

One positive is that small debts below $100 for things like unpaid parking tickets or other minor bills won’t count as heavily as before. Even one serious issue, such as a vehicle repossession, won’t factor as much if other accounts are current, Ewing said.

Among negatives, Ewing said consumers now could be hurt a bit more if they close accounts that they opened fairly recently or use a high percentage of available credit.

The basic rules for good credit remain unchanged. They include paying bills on time, using a mix of credit and keeping balances low.

• Will more credit-card companies offer incentives in hopes of encouraging risky customers to pay off balances and close their accounts?

American Express might have started a trend last month with an appeal to certain customers with high balances and little activity. Those who agree to pay off their balances and close their accounts by April will get a $300 prepaid gift card.

“I can definitely see other credit-card issuers who are being bitten by a rotting portion of their portfolio pulling this one out of their bag o’ tricks,” wrote Bruce Cundiff at Javelin Strategy & Research.

Starting this week, Arizonans receiving unemployment benefits will qualify for an extra $25 a week, though they will have to wait awhile to begin collecting it.

The bigger checks are one more sign that, in fitful bursts, portions of President Barack Obama’s $787 billion economic-stimulus plan are beginning to flow.

The state already has collected hundreds of millions of dollars for Medicaid and public housing. And Tuesday, the State Transportation Board is likely to pick projects that will be paid for with $350 million in stimulus money.

Coupled with an evolving mortgage-relief plan and continuing aid to banks, the beginning of the stimulus ushers in a period of far-reaching government intervention intended to revitalize a crumbling economy.

It will likely take months before the economy shows signs of stabilizing – if the plans work at all.

For most Arizonans, the first tangible sign of the stimulus comes next month, when their paychecks grow as withholdings are decreased.

Contractors, meanwhile, could know by early May if their employer has landed road-work projects that would not have begun without the federal cash transfusion.

The Arizona Department of Transportation expects that it will have much of its stimulus money by March 10 – a level of certainty not found at every agency receiving aid.

Throughout the federal government and the state agencies that administer some programs, dates and details of the stimulus remain fuzzy.

84,000 in state receiving unemployment

For example, those receiving unemployment benefits – more than 84,000 in Arizona as of mid-February – are entitled to an extra $25 weekly starting this week, to a maximum of $265.

But the state Department of Economic Security, which administers the program, likely won’t be able to begin paying the extra money until the end of the month because of computer-programming changes, said Liz Barker Alvarez, a spokeswoman for DES.

Those eligible for the checks will receive a month’s worth of extra pay at once and should see the $25 bump each week afterward.

Alvarez could not say when other benefits, such as a 13 percent boost in aid for the state’s 740,000 food-stamp recipients, will be available.

“We’re taking a look at it, and we’re moving as fast as we can on that,” she said. “I definitely want to stress that folks (receiving unemployment) will not lose anything.”

The Internal Revenue Service clarified last week that first-time homebuyers who have purchased a house by the time they file tax returns this year can claim a tax credit of up to $8,000 on their 2008 filings, or can do so next year. The credit is available for homes bought between Jan. 1 and Nov. 30 of this year.

At the state Capitol, lawmakers are working on next year’s budget, which begins in July and assumes about $1.75 billion in stimulus funds. The money, which mainly comes from additional support for Medicaid and education, should help spare even deeper budget cuts.

In January, lawmakers agreed to cuts that included trimming 4.2 percent from state payrolls through furloughs and layoffs, and 2 percent from public education. But the stimulus won’t totally bridge Arizona’s 2010 budget shortfall, estimated at more than $3 billion. The 30 percent funding gap is the largest in the country by percentage, according to a 50-state analysis by the Center on Budget and Policy Priorities, a Washington, D.C.-based think tank that advocates for people of low and moderate income.

Educators expect to receive $12 million in technology grants this month and $1.3 billion by summer. The money will be divided between the state’s primary and higher education, and is spread over this budget year and next. With deep cuts still needed in the 2010 budget, it is unclear how far the stimulus will go.

“It’s still bad news, but it’s less disastrous news,” said Tom Horne, the state’s public-education chief.

Last week, the state received a portion of $352 million in stimulus money intended to preserve Medicaid services. It was part of a $15 billion initial round of spending nationwide under the stimulus plan. Gov. Jan Brewer is still weighing whether to expand the number of people who would be eligible for unemployment benefits. If she does, the state would get an estimated $150 million more in aid.

The expansion would primarily give the unemployed credit for earnings more quickly, said Christine Riordan, a policy analyst for the New York-based National Employment Law Project, which advocates for workers’ rights.

The aid would last even after the stimulus funds are fully distributed and may let some who worked part time or are in job training qualify for benefits. It would add a $15-per-week benefit for those with children. At least some state lawmakers worry that accepting the money could force Arizona to raise taxes on employers in the future.

PHOENIX — Arizonans are paying slightly less for gasoline than they did a week ago, although AAA Arizona says it’s too soon to tell whether that trend is here to stay.

The auto club said Thursday that the average price of regular unleaded gasoline in Arizona was $2.02 a gallon; a drop of more than 2 cents since last week.

It says it’s the first price drop at the pump in eight weeks.

AAA Arizona says Tucson continues to have the lowest average prices at $1.90 a gallon, while Flagstaff drivers are paying the most at an average of $2.17. The average price in Phoenix is $1.99.

The nationwide average, according to AAA Arizona, is $1.88; nearly seven cents lower than a week ago.

People apply for unemployment and other services at the Department of Economic Security office at 195 W. Irvington Road. Recipients need to be careful when accessing benefits sent on debit cards to avoid paying fees.

When you’re squeaking by on unemployment benefits, the last thing you want to do is pay money to get that money.

But if you use a debit card to get your unemployment benefits – an option in Arizona – and aren’t careful, you could end up paying fees when you make withdrawals.

You could be charged at least $1.50, for example, every time you use an ATM not affiliated with JPMorgan Chase, Washington Mutual or Allpoint more than once a week to withdraw cash.

By sticking to ATMs with those companies, you can spare yourself the fees. Or you can use the “cash back” feature when you buy groceries, for example.

Arizona is one of 30 states that have struck deals with banks to provide unemployment benefits through debit cards. States are pulling away from mailing checks because of high postal fees.

The debit cards, though, have raised concerns in other states because recipients who are already barely scraping by on unemployment insurance are being charged extra bank fees, including overdraft fees of up to $20 from some banks.

In Arizona, the average unemployment-check recipient gets about $220 a week. About 82,200 Arizonans are receiving unemployment benefits. Because of rising layoffs, 8,100 to 10,800 new claims have been filed every week so far this year.

After competitive bidding, JPMorgan Chase Bank has won the exclusive contract after competitive bidding to provide unemployment insurance debit cards in Arizona to those who want them.

The cards are reloaded with money weekly as long as recipients continue to qualify for unemployment insurance.

All new recipients are given the electronic payment cards. But they have the option of having the money deposited into their regular bank accounts. The Arizona Department of Economic Security wasn’t able to say what percentage continue to use the debit cards.

“Debit cards are a very safe and convenient way for recipients to obtain and use funds. And they usually cost less for the state to administer, saving taxpayers money, too, said Mary Jane Rogers, a spokeswoman for JPMorgan Chase in Arizona.

Although some banks in the country are charging up to $20 for recipients for overdraft fees for customers who try to spend more than they have on the cards, she said JPMorgan Chase does not charge overdraft fees for the cards.

The cards are preloaded with money and can’t be spent for more than that. Recipients can find out their balances by going to the Web site or calling the toll-free number listed on the back of the cards.

The Associated Press contributed to this article.

———

Avoid bank fees

• Use the debit cards to make withdrawals only from ATMs affiliated with JPMorgan Chase Bank, Washington Mutual or Allpoint, a nationwide chain of no-charge ATMs.

• You can withdraw money from an ATM not affiliated with those companies once a week at no charge. But if you use an ATM not affiliated with those companies more than once a week, you will be charged $1.50 by JPMorgan Chase. You also may be charged fees by other banks.

• When you use the debit card to buy groceries, gasoline or other things, use the “cash back” feature to receive cash.

Sources: JPMorgan Chase, Arizona Department of Economic Security.

President Barack Obama shakes hands with supporters after his speech at Dobson High School in Mesa Wednesday.

The president’s $75 billion housing plan will help as many as 9 million U.S. homeowners refinance their mortgages if they owe more than their home is worth or avoid foreclosure if their payments are climbing beyond their reach.

The Homeowner Affordability and Stability Plan will help more people than expected.

But there will be no assistance for speculators who bought multiple homes as investments, or for people who bought homes they couldn’t afford and then tapped all their home equity.

“The plan I’m announcing focuses on rescuing families who have played by the rules and acted responsibly,” President Barack Obama said during his speech at Mesa’s Dobson High School.

Before Obama’s speech, top White House advisers also emphasized that the goal of the plan is to stabilize the housing market for all homeowners. Treasury Secretary Timothy Geithner; Sheila Bair, Federal Deposit Insurance Corp. chairwoman; and Shaun Donovan, Housing and Urban Development secretary, accompanied the president to the Valley to discuss the housing plan.

Details on exactly how it will work will be released on March 4.

Leveling out mortgages

A key element of the initiative will allow up to 5 million borrowers who owe more than their house is worth to refinance through Fannie Mae and Freddie Mac.

That provision will help tens of thousands of homeowners in the Valley, where home prices have fallen more than 45 percent.

“I have not lost my job, so I can pay my mortgage, but it (the home) is worth less than I owe,” said Sharon Bonds of Surprise. “I’m not greedy. I’m not an investor. I just have my one home. This is going to help me.”

Previously, homeowners who were underwater with their mortgages, owing more than their home is currently worth, couldn’t refinance with the mortgage giants. Now many in Arizona can.

Homeowners who have mortgages of more than $500,000 are not likely to qualify for aid, as Fannie Mae and Freddie Mac will typically guarantee only loans for less than that amount in Arizona.

The housing plan will also assist as many as 4 million U.S. homeowners facing or already in foreclosure but who still own their homes.

Avoiding foreclosure

For this group, the federal government will provide matching funds to lenders to lower interest payments on loans. The plan requires that mortgage payments be no more than 31 percent of monthly incomes.

“We have never missed a payment,” Marilyn Uhl said. She lives in Mesa with her husband, who is a mortgage broker making much less money because of the housing downturn. “We are trying to make our house payments on my public-school teacher salary. Honestly we need help,” she said.

Foreclosures push down overall home values. A new White House statistic shows every foreclosure in a neighborhood can reduce home values in that area by 9 percent.

“All Americans have a stake in making this work, not just those Americans who were the victim of bad underwriting standards or in communities where you’ve seen foreclosures,” Geithner said.

The government wants to entice lenders to work with more homeowners before they go into foreclosure.

Lenders can earn $500 for each modified loan that enables a borrower to afford the payment and avoid foreclosure.

Borrowers, who stay current on modified mortgage payments, can get up to a $5,000 reduction in the principal they owe.

Donovan said government estimates show another 6 million U.S. homeowners will go into foreclosure during the next few years without this plan. Last year, 2.2 million houses were foreclosed on nationwide.

Not everyone will get help

People who own a home but do not live in that home will not be eligible for relief, including individuals and speculators who bought multiple homes as investments.

Also, people who have too much debt and can’t afford a mortgage payment even with significant rate cuts won’t be eligible for the loan modifications.

“This plan will not save every home,” Obama said.

“It will not rescue the unscrupulous or irresponsible by throwing good taxpayer money after bad loans.”

By Catherine Reagor, John Faherty

The Super Bowl means a lot more than football, parties and cutting-edge TV commercials.

It’s also a big day for betting and gambling, which means income taxes can’t be far behind.

Nobody knows for sure how much money will be wagered on the game, but it’s safe to say this is probably the biggest gambling day of the year.

Bettors are wagering on more than just the winning team, the point spread and total points scored. They likely are putting down money on things as trivial as which color of Gatorade gets poured on the head of the winning coach.

A couple of years ago, USA Today estimated more than $8 billion would be bet on that year’s Super Bowl, with perhaps 1 percent wagered legally in Nevada and the rest illegally in office pools, informal bets and online sites.

Regardless of the gambling venue, bettors are required to report winnings on income-tax returns. How seriously people take this responsibility is anyone’s guess.

“A lot of people just don’t know,” said Sue Taylor, Phoenix district manager for H&R Block.

She cites a recent H&R Block survey that indicated one-third of respondents didn’t realize gambling winnings are taxable.

Tax researcher CCH cites unreported gambling winnings as the most prominent of 10 behaviors that can cross the line from tax avoidance to outright evasion.

Simply put, if you receive money, prizes or awards like a trip or new car from a lottery, a local raffle, a casino or sports betting, you are supposed to report the winnings as income on Schedule A of your federal-tax return. You could be subject to estimated tax payments on your winnings as well.

“If you win an informal office pool, you technically are supposed to report it,” said John W. Roth, a senior federal-tax analyst at CCH.

“But I think (the IRS) is more concerned about Internet betting, which is easier to track through credit cards.”

The most likely time a gambling situation could come to the IRS’ attention, he adds, is during an audit.

Gambling losses are deductible, but only to the extent you use them to reduce winnings. In other words, you can’t deduct net losses. And if you are deducting losses, the IRS requires an accurate log of your betting.

“The larger gamblers do keep track,” said Taylor, adding that a lot of casinos furnish tracking cards on request.

• In case you’re wondering, CCH lists not paying taxes on wages, tips or other income such as jobless benefits as the No. 2 evasive behavior.

“Whether income is from working, investments or unemployment benefits, it’s all income in the eyes of the IRS, and you have to report it,” said Mark Luscombe, a principal federal-tax analyst at CCH, which is based in suburban Chicago.

CCH also reports inappropriately reporting children’s investment income as a problem, along with not paying the nanny tax and not reporting annual gifts of more than $12,000 ($13,000 in 2009) to any single recipient.

Also on CCH’s evasion list: Claiming charitable deductions for more than the items are worth, exaggerating expense deductions, not filing a tax return, filing an incomplete tax return and claiming an economic-stimulus tax rebate for more than you’re qualified.

Actually, rebate payments ended in 2008, but you can claim a rebate credit during the current tax season, if you’re entitled to one.

• For what it’s worth, the “Super Bowl indicator” is flashing a buy signal for stocks in 2009, and the result of today’s game doesn’t even matter.

Both of this year’s finalists, Pittsburgh and Arizona, are teams with roots in the old National Football League. When old-NFL teams win, the theory goes, the market rallies.

While there’s no economic rationale for it, the indicator has worked well, correctly predicting stock-market behavior in 33 of the 42 years since the first Super Bowl in 1967.

One reason the indicator seems to work is that the stock market rises about two years out of three on average. Similarly, old-NFL teams outnumber teams rooted in the old American Football League (although expansion teams have watered down this raw advantage).

Don’t bet the ranch on this indicator. Last year, the old-NFL New York Giants won the Super Bowl, pointing to a good year for stocks.

Instead, the market suffered its most lopsided loss since the Depression.

Beware of “too good to be true” investments that promise high rates of return, the Arizona Corporation Commission warns.

The advice is especially timely: As the stock market goes down, the number of scam complaints goes up.

The Corporation Commission, which regulates securities in the state, reported 250 scam complaints in fiscal 2008, up from 175 the previous year. Nationally and internationally, rich clients have taken a hit from investing with Bernard Madoff, who was charged last month with securities fraud after he confessed to running a $50 billion Ponzi scheme.

Matt Neubert, director of the Corporation Commission’s securities division, said as the stock market decline has cost some investors 30 percent of their retirement savings, it’s tempting to be lured into offers of “20 percent returns with no loss of principal.”

However, Neubert said if it sounds too good to be true, it probably is.

Corporation Commission records show that in the past five years, the state has revoked or suspended five licenses a year from investment advisers or securities salespeople.

During that time, the state issued nearly $1 million in penalties and sought more than $9 million in restitution.

While the figures sound high, it’s a fraction of what the Corporation Commission sought in restitution and fines from 2004 to 2008 on all investment scams.

During those years, the state ordered $212 million in restitution to be repaid and collected $63.6 million, or 30 percent of the total. The state also collected $10.1 million in penalties. The state does not break down how much it received from financial advisers who were penalized, and it did not have a number of cases that have been referred annually to the U.S. attorney, state attorney general and county prosecutors.

Neubert and Mark Dinell, Corporation Commission assistant director, said some of the most prevalent investment scams involve gold mines, real estate or promissory notes.

They said before making any investment, ask for:

• Audited financial statements.

• Referrals from other investors.

• The investment offer in writing.

• How the person selling the security will be compensated.

They also suggested calling the Arizona Corporation Commission (1-866-837-4399 ) to see if the salesperson is licensed and has any securities violations.

SAN JOSE, Calif. – EBay Inc., which still reaps big profits but has been struggling to attract new users, said Monday it will cut about 1,000 jobs in an attempt to streamline its business. The cuts amount to 10 percent of eBay’s work force.

The online auction site also plans to get rid of several hundred temporary workers and reduce open positions. EBay Chief Executive John Donahoe said in a conference call the company is “creating efficiency” in areas that require it.

The company expects restructuring charges of about $70 million to $80 million as a result of the cuts, mostly in the fourth quarter. EBay said the reductions will lead to $150 million in annual cost savings.

The latest round of cuts follows eBay’s announcement earlier this year that it was cutting 125 jobs in Europe and North America, including 70 posts at its headquarters in San Jose, Calif.

Donahoe said Monday the weak economy and the effects of the strengthening dollar are “affecting our businesses.” Nonetheless, eBay said its third-quarter earnings would be higher than it predicted in July — though revenue will be at the low end of its expectation. The company is scheduled to report third-quarter results on Oct. 15.

EBay shares were down $1.19, 6.3 percent, at $17.75 in morning trading.

EBay also said Monday it will buy online payments business Bill Me Later for $820 million in cash and $125 million in outstanding options. The company also said it will buy Danish classifieds site dba.dk and vehicles site bilbasen.dk for $390 million in cash.

Bill Me Later allows online retailers to offer shoppers credit. EBay said Bill Me Later has “sophisticated underwriting techniques” and tells shoppers within seconds if they’re approved for credit, without detailed application forms. Bill Me Later will become part of PayPal, the online payment service eBay bought in 2002.

Arizona Department Revenue lists causes on its Web site

It’s not too late to donate money to a good cause in 2008 and get a break when you pay your state income tax in 2009.

The military tax break is the latest in a series of state credits that are dollar-for-dollar reductions in Arizona income taxes.

People who donate to the state’s Military Family Relief Fund can get a credit for the amount they contribute, up to $200 for singles and $400 for married couples filing jointly.

One quirk of the law requires donors to list the last four digits of their Social Security numbers on checks, said Diane D’Angelo, outreach coordinator for the Arizona Department of Veterans’ Services.

Make your check payable to the Military Family Relief Fund and mail it to the department at 3839 N. Third St., Suite 200, Phoenix, AZ 85012.

Here’s a look at the three other state tax credit opportunities:

• Credit for helping working-poor families: Arizonans can take a credit that reflects money donated to charities that offer help to working-poor families. This credit is worth up to $200 for single taxpayers and $400 for joint filers.

It applies to working-poor charity donations above what you contributed as total itemized charitable deductions in a “baseline” year.

If you itemized charity deductions and filed an Arizona return in 1996, that’s your baseline year. Otherwise, it’s the first later year you met those conditions.

The Department of Revenue’s Web site – azdor.gov – lists qualifying charities.

• Credit to support public school extracurricular activities: Taxpayers can help pay the costs for extracurricular activities at public schools in Arizona, from kindergarten through 12th grade. This credit, which also applies to “character-education” programs at public schools, is worth up to $200 for singles and $400 for joint filers.

• Credit for private school scholarships: This donation supports tuition scholarships at private schools from kindergarten through 12th grade. It’s worth up to $500 for singles and $1,000 for joint filers, depending on the size of donation.

You can’t take the credit to pay for your own child’s tuition.

You can make donations and take credits for both public schools and private tuition in the same year.

Credit card reform is as close as the plastic in your wallet.

The Federal Reserve and other regulators last week approved a series of reforms that observers describe as the most important changes in more than 30 years. The reforms reflect years of research, with feedback from both consumers and lenders.

They incorporate many of the key provisions of the “Credit Cardholders Bill of Rights,” which was approved by the House of Representatives in September.

The reforms touch on interest rates, fees, disclosures and more – but could have the effect of making credit cards harder to get for many people and more expensive for some. Some reforms could occur sooner, but all are scheduled to take effect by July 1, 2010.

Interest rates

Where things stand: Credit-card rates range from 4 percent to nearly 25 percent, with an average of 12 percent, reports lowcards.com.

Impact ahead: Regulators stipulated that interest rates can’t increase on existing card balances. They also required a longer advance notice of 45 days when lenders want to change rates.

Prohibited practices

Where things stand: Some card issuers hike interest rates when consumers miss payments to other creditors – a practice called universal default.

Impact ahead: Regulators prohibited universal-default rate hikes. They also restricted “double-cycle” billing, a high-cost way to calculate interest for people who sometimes carry a balance.

Disclosure

Where things stand: Various studies suggest consumers don’t have a clear understanding of fees, penalties and other aspects of their credit cards.

Impact ahead: Card issuers will need to highlight possible costs along with both the dates and times payments are due. More statements will summarize interest and fees paid year to date.

Timing

Where things stand: Some card customers don’t have much time to pay bills before penalties kick in, nor to evaluate changing terms and conditions.

Impact ahead: Regulators are lengthening the time to pay bills to a minimum of three weeks from 14 days now. As noted, customers also will receive more warning when issuers change terms.

Side effects

Where things stand: Credit cards are a mixed blessing, allowing easy borrowing and convenience to most Americans but at high potential cost.

Impact ahead: One survey estimates the provisions will tighten credit access and put cards out of the reach of 45 million Americans while decreasing total credit by nearly $1 trillion.