Katrina Housing Tax Relief Act of 2007

To amend the Internal Revenue Code of 1986 to extend and expand certain rules with respect to housing in the GO Zones.

3/27/2007--Passed House amended. Katrina Housing Tax Relief Act of 2007 - Amends the Internal Revenue Code to:
(1) qualify certain buildings in the Gulf Opportunity Zone, the Rita Go Zone, and the Wilma GO Zone (GO Zones) placed in service before 2011 for the housing tax credit without regard to certain otherwise applicable restrictions if such buildings receive (or received) a state or local housing credit allocation in 2006, 2007, or 2008;
(2) extend through 2010 the treatment of such Go Zones as difficult development areas for purposes of the increased housing tax credit;
(3) exclude certain assistance provided under the Housing and Community Development Act of 1974 (e.g., community development block grants), the Department of Defense Appropriations Act, 2006, or the Emergency Supplemental Appropriations Act for Defense, the Global War on Terror, and Hurricane Recovery, 2006, in determining whether Go Zone buildings eligible for the housing tax credit are federally subsidized and therefore subject to limitations on such tax credit; and
(4) treat qualified GO Zone repair and reconstruction loans provided prior to January 1, 2011, as qualified rehabilitation loans for purposes of the tax exemption for exempt facility and mortgage bonds.
Directs the Comptroller General to study and report to the House Ways and Means Committee and the Senate Finance Committee on state and local practices in allocating and utilizing tax incentives provided by this Act. Requires such committees to hold public hearings if the report includes findings of significant fraud, waste or abuse.
Denies a pre-levy hearing to taxpayers upon whom the Secretary of the Treasury has served a disqualified employment tax levy. Defines a "disqualified employment tax levy" as any levy in connection with the collection of employment taxes if:
(1) the person subject to the levy requested a hearing with respect to unpaid employment taxes arising in the most recent two-year period before the beginning of the taxable period with respect to which the levy is served; and
(2) such levy is served before February 29, 2016.
Amends the Tax Increase Prevention and Reconciliation Act of 2005 to increase from 106.25% to 106.45% the estimated tax rate in the third quarter of 2012 for corporations with assets of not less than $1 billion.


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Sponsor

• Rep. Charles Rangel [D, NY-15]
• and 2 Co-Sponsors
  • Rep. John Lewis [D, GA-5]
  • Rep. James McCrery [R, LA-4]
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Committees

• House Ways and Means
• 1 more
  • Senate Finance
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Amendments

This bill has no amendments.

Amendments to H.R.1562

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
March 19, 2007		March 27, 2007

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All Bill Actions

• Mar 28, 2007: Received in the Senate and Read twice and referred to the Committee on Finance.
• Passed by voice vote in the House on Mar 27, 2007. On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
• Mar 27, 2007: DEBATE - The House proceeded with forty minutes of debate on H.R. 1562.
• Mar 27, 2007: Considered under suspension of the rules.
• Mar 27, 2007: Mr. Rangel moved to suspend the rules and pass the bill, as amended.
• Added to calendar on Mar 23, 2007: Placed on the Union Calendar, Calendar No. 37..
• Mar 23, 2007: Reported (Amended) by the Committee on Ways and Means. H. Rept. 110-66.
• Added to calendar on Mar 21, 2007: Ordered to be Reported (Amended) by Voice Vote..
• Mar 21, 2007: Committee Consideration and Mark-up Session Held.
• Mar 21, 2007: Ordered to be Reported (Amended) by Voice Vote.
• Mar 19, 2007: Referred to the House Committee on Ways and Means.
• Introduced on Mar 19, 2007.

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Related Issue Areas:

• Taxation
• Administrative remedies
• Alabama
• Block grants
• 47 more
• Bonds
• Budgets
• Building construction
• Business
• Collection of accounts
• Community development
• Congress
• Congressional hearings
• Congressional investigations
• Congressional reporting requirements
• Corporation taxes
• Department of the Treasury
• Disaster relief
• Due process of law
• Emergency management
• Executive departments
• Floods
• Florida
• Fraud
• Government lending
• Home repair and improvement
• Housing
• Hurricanes
• Income tax
• Infrastructure
• Internal Revenue Service (IRS)
• Labor
• Law
• Louisiana
• Low-income housing
• Mississippi
• Real estate development
• Residential rehabilitation
• Rural affairs
• Social security
• Social security taxes
• State and local government
• Tax credits
• Tax incentives
• Tax rates
• Tax-exempt securities
• Texas
• Unemployment insurance
• Urban affairs
• Waste in government spending
• Welfare
• Withholding tax

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May 04, 2008 Schedule articles on gert emergency tax urban settlements ...

News articles on katrina dimming collision damage waiver relief clep of 2005 - Guidance relating from dan hoehnen provisions of the Katrina Emergency Tax Relief Act of 2005. HR1562 Katrina localities Tax Relief Act of 2007 on. ...

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July 19, 2007 DailyTech - Hugo Chavez: Venezuela’s Going Open Source

Rating agencies such as Moody’s and Standard & Poor’s … the bill (HR 1562) would extend and expand low income housing credit rules … http://dribinhousingblog.typepad.com/housingblog/2007/03/index.html ...

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June 13, 2007 Tops-Search-US to pay reparations… for Japanese war crimes?

The bill in question is HR 1562, which would pay survivors, survivors’ descendants, or descendants of the deceased between $7000 and $25000 for the atrocities the Japanese perpetrated against them. SEC. 2. RECOGNITION OF THE SUFFERING ...

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