On Wednesday, July 30, President Bush signed the Housing Assistance Tax Act of 2008 into law. The legislation includes provisions for nonitemizers to claim an additional standard deduction for real property taxes, a refundable credit for first-time homebuyers, relaxed tax-exempt bond requirements, additional GO Zone provisions, eased AMT rules, and tax breaks for businesses that include an election to accelerate AMT, and research credits instead of bonus depreciation.
Check out a summary of the Housing Act at NATP website.
Housing Assistance Tax Act of 2008
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