Housing and Economic Recovery Act of 2008/Division C

by United States Congress

DIVISION C—TAX-RELATED PROVISIONS

SEC. 3000. SHORT TITLE; ETC.

(a) Short Title.—

This division may be cited as the ``Housing Assistance Tax Act of 2008´´.

(b) Amendment of 1986 Code.—

Except as otherwise expressly provided, whenever in this division an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986.

(c) Table of Contents.—

The table of contents for this division is as follows:

Sec. 3000. Short Title; Etc.

TITLE I—HOUSING TAX INCENTIVES

Subtitle A—Multi-Family Housing

Part I—Low-Income Housing Tax Credit

Sec. 3001. Temporary increase in volume cap for low-income housing tax credit.

Sec. 3002. Determination of credit rate.

Sec. 3003. Modifications to definition of eligible basis.

Sec. 3004. Other simplification and reform of low-income housing tax incentives.

Sec. 3005. Treatment of military basic pay.

Part II—Modifications to Tax-Exempt Housing Bond Rules

Sec. 3007. Recycling of tax-exempt debt for financing residential rental projects.

Sec. 3008. Coordination of certain rules applicable to low-income housing credit and qualified residential rental project exempt facility bonds.

Part III—Reforms Related to the Low-Income Housing Credit and Tax-Exempt Housing Bonds

Sec. 3009. Hold harmless for reductions in area median gross income.

Sec. 3010. Exception to annual current income determination requirement where determination not relevant.

Subtitle B—Single Family Housing

Sec. 3011. First-time homebuyer credit.

Sec. 3012. Additional standard deduction for real property taxes for nonitemizers.

Subtitle C—General Provisions

Sec. 3021. Temporary liberalization of tax-exempt housing bond rules.

Sec. 3022. Repeal of alternative minimum tax limitations on tax-exempt housing bonds, low-income housing tax credit, and rehabilitation credit.

Sec. 3023. Bonds guaranteed by Federal home loan banks eligible for treatment as tax-exempt bonds.

Sec. 3024. Modification of rules pertaining to FIRPTA nonforeign affidavits.

Sec. 3025. Modification of definition of tax-exempt use property for purposes of the rehabilitation credit.

Sec. 3026. Extension of special rule for mortgage revenue bonds for residences located in disaster areas.

Sec. 3027. Transfer of funds appropriated to carry out 2008 recovery rebates for individuals.

TITLE II—REFORMS RELATED TO REAL ESTATE INVESTMENT TRUSTS

Subtitle A—Foreign Currency and Other Qualified Activities

Sec. 3031. Revisions to REIT income tests.

Sec. 3032. Revisions to REIT asset tests.

Sec. 3033. Conforming foreign currency revisions.

Subtitle B—Taxable REIT Subsidiaries

Sec. 3041. Conforming taxable REIT subsidiary asset test.

Subtitle C—Dealer Sales

Sec. 3051. Holding period under safe harbor.

Sec. 3052. Determining value of sales under safe harbor.

Subtitle D—Health Care REITs

Sec. 3061. Conformity for health care facilities.

Subtitle E—Effective Dates

Sec. 3071. Effective dates.

TITLE III—REVENUE PROVISIONS

Subtitle A—General Provisions

Sec. 3081. Election to accelerate the AMT and research credits in lieu of bonus depreciation.

Sec. 3082. Certain GO Zone incentives.

Sec. 3083. Increase in statutory limit on the public debt.

Subtitle B—Revenue Offsets

Sec. 3091. Returns relating to payments made in settlement of payment card and third party network transactions.

Sec. 3092. Gain from sale of principal residence allocated to nonqualified use not excluded from income.

Sec. 3093. Delay in application of worldwide allocation of interest.

Sec. 3094. Time for payment of corporate estimated taxes.