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The Housing Assistance Tax Act and the Emergency Economic Recovery Act
In response to the nation's economic downturn, former President Bush signed into law the Housing Assistance Tax Act of 2008 (“Housing Act”) on July 30, 2008 and the Emergency Economic Recovery Act of 2008 (“Bailout Plan”) on Oct. 3, 2008. The new laws have several significant tax-related provisions that affect individual and business taxpayers including law firms, attorneys, their staff, and their clients.
More than $15 billion in tax incentives and relief provisions are contained in the housing act and $150 billion in tax cut extensions and changes are included in the bailout plan. These acts cover areas such as a new method for certifying non foreign status on real estate transactions, a new tax credit for some first time homebuyers, excludible gains on the sale of a personal residence, accelerated alternative minimum tax and research credits, a reduction to preparer penalties standard, and a number of other provisions. Here are some highlights.
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