Daily Tax Update - June 24, 2008

SENATE INVOKES CLOTURE ON HOUSING STIMULUS BILL:  Today, the Senate invoked cloture on H.R. 3221 (The Housing and Economic Recovery Act of 2008). The bill contains a $14.5 billion tax title which would create an additional standard deduction for property taxes paid by homeowners who do not itemize their federal taxes; provide first-time home buyers with an $8,000 refundable, repayable tax credit; and increase funding for mortgage revenue bonds. The Senate could pass the bill later today.

  • The bill's offsets include: a new information reporting requirement on the use of credit or debit cards and other third-party network transactions; eliminating a provision that allows taxpayers to exclude gains on the sale of a principal residence allocated to a period of nonqualified use; and increasing penalties for failure to file tax returns.

H.R.6348 : To amend the Internal Revenue Code of 1986 to exclude from gross income gain from the conversion of property by reason of eminent domain.
Sponsor: Rep Gingrey, Phil [GA-11] (introduced 6/23/2008)      Cosponsors (30)

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