President Bush today signed the housing stimulus bill (H.R. 3221, The Housing and Economic Recovery Act of 2008). The House had approved the bill 272-152 and the Senate 72-13.
There are four main tax cuts in the $15.1 billion tax package:
- Refundable tax credit for first time home buyers (10% of the purchase price, up to a $7,500 credit)
- Additional standard deduction for real property taxes for non-itemizers ($500 single/$1,000 joint)
- Expansion of Gulf Opportunity Zone incentives
- Temporary increase in the low-income housing tax credit
The major tax increases in the package are:
- Information returns for merchant payment card reimbursements
- Delay implementation of worldwide allocation of interest until 2011
- Modification of the § 121 exclusion of gain on sale of a principal residence
For further explanation of these tax provisions, see:
- Senate Press Release
- House Staff Summary
- Senate Staff Summary
- Joint Committee on Taxation Technical Explanation (JCX-63-08)
- CCH Tax Briefing
Press and blogosphere coverage:
4 responses to “President Bush Signs Housing Tax Relief Bill”
HOUSING BILL ENACTS 1099 REPORTING FOR CREDIT-CARD AND E-PAY VENDORS
One revenue-raising provision of the new tax bill is aimed at the online economy. HR 3221 will required credit-card companies…
HOUSING BILL ENACTS 1099 REPORTING FOR CREDIT-CARD AND E-PAY VENDORS
One revenue-raising provision of the new tax bill is aimed at the online economy. HR 3221 will required credit-card companies…
HOUSING BILL ENACTS 1099 REPORTING FOR CREDIT-CARD AND E-PAY VENDORS
One revenue-raising provision of the new tax bill is aimed at the online economy. HR 3221 will required credit-card companies…
HOUSING BILL ENACTS 1099 REPORTING FOR CREDIT-CARD AND E-PAY VENDORS
One revenue-raising provision of the new tax bill is aimed at the online economy. HR 3221 will required credit-card companies…
HOUSING BILL ENACTS 1099 REPORTING FOR CREDIT-CARD AND E-PAY VENDORS
One revenue-raising provision of the new tax bill is aimed at the online economy. HR 3221 will required credit-card companies…
HOUSING BILL ENACTS 1099 REPORTING FOR CREDIT-CARD AND E-PAY VENDORS
One revenue-raising provision of the new tax bill is aimed at the online economy. HR 3221 will required credit-card companies…
HOUSING BILL ENACTS 1099 REPORTING FOR CREDIT-CARD AND E-PAY VENDORS
One revenue-raising provision of the new tax bill is aimed at the online economy. HR 3221 will required credit-card companies…
HOUSING BILL ENACTS 1099 REPORTING FOR CREDIT-CARD AND E-PAY VENDORS
One revenue-raising provision of the new tax bill is aimed at the online economy. HR 3221 will required credit-card companies…
HOUSING BILL ENACTS 1099 REPORTING FOR CREDIT-CARD AND E-PAY VENDORS
One revenue-raising provision of the new tax bill is aimed at the online economy. HR 3221 will required credit-card companies…
Approximately 4-5 months ago, President Bush signed a bill wherein a homeowner who was going to lose their home via a “short-sale” would be exempt from a 1099 on said sale. Where would I find that information?
Please e-mail me at AJ4JJ@aol.com Your help in this matter is greatly appreciated