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Posted by John H. Fisher on August 5, 2008, 6:43 pm
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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!
http://tax.cchgroup.com/legislation/2008-Housing-Assistance-Act.pdf?cm_sp_o=1wTblkzfbBE%20VzTwCjCZBAlw%20Vzllwl%20ftw%20ZBAlbET%20-llblfzEgw%20az0%20-gf%20Bu%20niioCjCaw0f%20kbEL
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