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H.R.5691 - Middle Class Assistance Act of 2008

To amend the Internal Revenue Code of 1986 to allow an above-the-line deduction for State and local real property taxes on principal residences of taxpayers who elect not to deduct State and local income and general sales taxes, a refundable credit for the increased cost in 2008 of heating oil used to heat the principal residence of the taxpayer, and to increase and make permanent the deduction for qualified tuition and related expenses. view all titles (2)

All Bill Titles

  • Short: Middle Class Assistance Act of 2008 as introduced.
  • Official: To amend the Internal Revenue Code of 1986 to allow an above-the-line deduction for State and local real property taxes on principal residences of taxpayers who elect not to deduct State and local income and general sales taxes, a refundable credit for the increased cost in 2008 of heating oil used to heat the principal residence of the taxpayer, and to increase and make permanent the deduction for qualified tuition and related expenses. as introduced.

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Introduced
 
House
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Senate
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President
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04/03/08
 
 
 
 
 
 
 

Official Summary

Middle Class Assistance Act of 2008 - Amends the Internal Revenue Code to: (1) allow a deduction from gross income for state and local real property taxes on the principal residences of taxpayers who elect not to deduct state and local income and general sales taxes (making such deduction a

Official Summary

Middle Class Assistance Act of 2008 - Amends the Internal Revenue Code to:
(1) allow a deduction from gross income for state and local real property taxes on the principal residences of taxpayers who elect not to deduct state and local income and general sales taxes (making such deduction available to taxpayers who do not itemize);
(2) allow a refundable tax credit, up to $500, for increased home heating oil costs in 2008; and
(3) increase and make permanent the tax deduction for qualified tuition and related expenses.

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