Housing Assistance Tax Act of 2008

To amend the Internal Revenue Code of 1986 to provide assistance for housing.

4/8/2008--Introduced.
Housing Assistance Tax Act of 2008 - Amends the Internal Revenue Code relating to the low-income housing tax credit, tax-exempt housing bonds, real estate investment trusts (REITs) and to provide assistance to first-time home buyers and home owners. Increases in 2 more...008 and 2009 the state allocation limits on low-income housing tax credits. Modifies certain rules relating to the low-income housing tax credit, tax-exempt housing bonds, and the rehabilitation of government-leased buildings. Allows:
(1) first-time home buyers a refundable tax credit for 10% of the purchase price of a principal residence, up to $7,500; and
(2) individual taxpayers who claim the standard deduction an additional deduction from gross income for state and local real property taxes. Authorizes:
(1) an additional $10 billion in the volume cap for issuing tax-qualified bonds for certain residential rental projects; and
(2) use of mortgage bond proceeds to refinance certain subprime residential mortgage loans.
Exempts from the alternative minimum tax (AMT) tax-exempt interest on certain housing bonds. Allows low-income housing and rehabilitation tax credit amounts to offset AMT liability. Allows certain municipal bonds that are guaranteed by federal home loan banks to qualify as tax-exempt bonds. Modifies rules relating to REITs to:
(1) treat passive foreign exchange gains attributable to overseas real estate investment as qualifying REIT income;
(2) increase from 20 to 25% the the maximum value of an REIT's total assets that may be represented by securities of one or more taxable REIT subsidiaries;
(3) revise safe harbor rules for the excise tax penalty on certain REIT sales activities; and
(4) treat rental payments made by a health care facility to an REIT as qualifying REIT income.
Requires brokers who sell publicly-traded securities to report the customer's adjusted basis in such securities.
Delays until after 2009 the taxpayer election to allocate interest expense between U.S. and foreign sources for purposes of the foreign tax credit limitation.

Sponsor

• Rep. Charles Rangel [D, NY-15]
• and 17 Co-Sponsors
  • Rep. Shelley Berkley [D, NV-1]
  • Rep. Earl Blumenauer [D, OR-3]
  • Rep. Joseph Crowley [D, NY-7]
  • Rep. Keith Ellison [D, MN-5]
  • Rep. Rahm Emanuel [D, IL-5]
  • Rep. Gabrielle Giffords [D, AZ-8]
  • Rep. Henry Johnson [D, GA-4]
  • Rep. Stephanie Jones [D, OH-11]
  • Rep. John Lewis [D, GA-5]
  • Rep. Tim Mahoney [D, FL-16]
  • Rep. James McDermott [D, WA-7]
  • Rep. Earl Pomeroy [D, ND-0]
  • Rep. Ciro Rodriguez [D, TX-23]
  • Rep. Carol Shea-Porter [D, NH-1]
  • Rep. Albio Sires [D, NJ-13]
  • Rep. C. Michael Thompson [D, CA-1]
  • Rep. Peter Welch [D, VT-0]
  close

Users Tracking [3]

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Committees

• House Ways and Means

Amendments

This bill has no amendments.

Amendments to H.R.5720

Number	Status	Purpose

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Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
April 08, 2008

In the News

May 06, 2008 Real Estate Trusts Hoping to Ride the Housing Wave to Tax Changes

... clout to attach tax changes worth hundreds of millions of dollars to housing-related legislation ( HR 3221 , HR 5720 ) advancing through Congress. ...

Source: CQPolitics.com, DC
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April 28, 2008 Mahoney: Blame the Senate

The Housing Assistance Tax Act of 2008 (HR 5720). Mahoney co-sponsored this bill which would provide home owners who claim the standard deduction with an ...

Source: Sarasota Herald-Tribune, FL
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April 24, 2008 Builders Lead the Way in Energy Efficient Housing, Congress Told

Hodgson noted that a provision in House bill HR 5720 could shore up home prices by stimulating sales and reducing excess inventory in housing markets. ...

Source: Business Wire (press release), CA
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Blog Coverage

May 10, 2008 Press Release: House Passes-”American Housing Rescue and ...

Amendment 2– Tax Provisions to Expand Refinancing Opportunities and Spur Home Buying (HR 5720): This amendment provides $11 billion in tax benefits, including tax credits to first-time homebuyers, a real property tax deduction for ...

Source: Mike's Real Estate Show
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May 09, 2008 House Passes Housing Tax Bill

The House yesterday approved The Housing Assistance Tax Act (HR 5720), as an amendment to the American Housing Rescue and Foreclosure Prevention Act (HR 3221), .by a 322-94 vote, setting up a conflict with the Senate (which passed an ...

Source: taxprof Blog
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May 07, 2008 Foreclosure Relief & Mortgage Protection Bills Before Congress ...

... offered will stay intact and be available to those who can benefit most from them. To see what the bills' provisions are, click on this link:. Tax Provisions - Mortgage Protection and Foreclosure Relief Legislation HR 5720 and HR 3221.

Source: The Daily Tucsonan
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