CCH Tax Legislation Update - Housing Assistance Tax President Bush Signs the $15.1 Billion Housing Assistance Tax Act of 2008. View details using link at bottom of this post.
Reacting to the continuing slump in housing sales, along with rising unemployment numbers and weakness in the credit markets, Congress passed the Housing and Economic Recovery Act of 2008. Although the tax provisions are only one part of the larger housing bill, they make significant changes. The tax title, The Housing Assistance Tax Act of
2008, includes $15.1 billion in tax incentives that are fully offset by far-reaching revenue raisers.Highlights of the Housing Assistance Tax Act include:
First-Time Homebuyer Tax Credit Additional Standard Deduction for Real Property Taxes Simplified/Enhanced Low-Income Housing Tax Credit Increased Mortgage Revenue Bonds REIT Reforms Merchant Payment Card Information Reporting Reduced Home Sale Exclusion Delayed Worldwide Interest Allocation Acceleration of Large-Corporation Estimated Tax Visit the CCH Tax Legislation page for more details on the Housing Assistance Tax Act in our special CCH Tax Briefing, details of our related legislation resources, other recent legislative highlights, and more!