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President Signs the Housing and Economic Recovery Act of 2008 |
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Updated July 30, 2008. Reacting to the continuing slump in housing sales, along with rising unemployment numbers and weakness in the credit markets, Congress passed the Housing and Economic Recovery Act of 2008 (H.R. 3221). Although the tax provisions are only one part of the larger American Housing Rescue and Foreclosure Prevention Act, they make significant changes.
The tax title includes $15.1 billion in tax incentives that are fully offset by far-reaching revenue raisers. While the tax incentives are targeted principally to home ownership and affordable housing, the offsets are collected from a variety of sources. New provisions that require credit card purchase information reporting by merchants and close a home sale exclusion loophole for vacation and rental property are among the more prominent offsets that will require a shift in tax strategies.
President Bush signed the bill into law on Wednesday, July 30, 2008.
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President signs Economic Stimulus Act of 2008 With Rebates and Business Incentives |
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Updated February 13, 2008. President Bush signed into law the Economic Stimulus Act of 2008 (HR5140). The legislation, estimated to cost $125 billion over a ten-year period, includes a recover rebate credit for 2008.
In addition to rebates, the new law includes $44.8 billion in business incentives that include generous expensing and bonus depreciation allowances, as well as additional help for homeowners facing foreclosure because of the mortgage meltdown.
Read CCH's Special Tax Briefing PDF For Full Coverage |
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President Bush Signs Small Business and Work Opportunity Tax Act of 2007 |
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Updated May 29, 2007. Following months of political wrangling, President Bush signed on May 25, 2007 the Small Business and Work Opportunity Tax Act of 2007, which is part of a much larger and more controversial bill, the U.S. Troop Readiness, Veterans' Care, Katrina Recovery, and Iraq Accountability Appropriations Act of 2007 (H.R. 2206).
The legislation passed the House by a 280-142 vote on May 24, 2007, followed the same day by Senate approval by a 80 to 14 margin.
The new tax law targets nearly $5 billion in tax incentives principally to small businesses but also to some larger ones. It also includes tax incentives to help taxpayers recovering from Hurricane Katrina, as well as an important package of S corporation reforms.
However, unlike past tax bills, the revenue raisers that mean more taxes for certain taxpayers are significantly fewer in number; although one - an expansion of the kiddie tax to apply to children who are 18 years old or who are full-time students up to age 24 - will impact millions of families.
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Congress Enacts Farm Bill Overriding Bush Veto And Passes Military Tax Relief |
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May 22, 2008. The Food, Conservation, and Energy Act of 2008 (H.R. 2419), also known as the Farm Bill, has finally been enacted into law.
The Senate on May 22 successfully overrode President Bush’s May 21 veto of the bill by a convincing 82-13 vote. The House overrode the veto the day earlier immediately after the president’s veto by a lopsided margin of 316-108.
Due to an enrollment error, however, the legislation contained only 14 of the 15 titles when the House and Senate adopted the conference report on the bill on May 14 and 15, respectively.
Nevertheless, the tax title was included in the legislation sent to the President and in the override votes by Congress. It is not clear at press time if the procedural mix-up will result in litigation challenging the legislation.
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Congress Passes AMT Patch, Foreclosures Relief and More |
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Updated December 20, 2007. Just weeks before the start of the 2008 filing season, Congress passed an AMT patch, which is expected to keep millions of middle income taxpayers out of the reach of the AMT for the 2007 tax year.
Congress also provided major assistance to many homeowners facing foreclosure in the Mortgage Forgiveness Debt Relief Act of 2007 (H.R. 3648).
Additionally, Congress passed an energy act with several tax provisions, special tax breaks for victims of the Virginia Tech tragedy, and an omnibus FY 2008 budget that increases funding for the IRS.
Congress also passed a substantial technical corrections bill, as well as one that resolves a dispute over the IRS Commissioner's term of office.
Read CCH's Special Tax Briefing PDF For Full Coverage |
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President Bush Signs Tax Relief and Health Care Act of 2006
Includes Tax Extenders and Much More; $45.1 Billion in Tax Breaks for Individuals and Businesses |
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Updated December 20, 2006. The new law retroactively restores some popular expired tax cuts to the start of 2006. There's much more, however. The new law also enhances some important tax incentives, bolsters Health Savings Accounts, revises deadlines for certain excise taxes, extends some expiring energy credits, makes critical "technical corrections" to existing tax laws, and includes an impressive list of "miscellaneous" tax relief.
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Quick Tax Facts - 2006 Tax Act Changes in Context
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