H.R.5720 - Federal Government - To amend the Internal Revenue Code of 1986 to provide assistance for housing.

To amend the Internal Revenue Code of 1986 to provide assistance for housing. 4/8/2008--Introduced. Housing Assistance Tax Act of 2008 - Amends the Internal Revenue Code relating to the low-income housing tax credit, tax-exempt housing bonds, real estate investment trusts (REITs) and to provide assistance to first-time home buyers and home owners. Increases in 2008 and 2009 the state allocation limits on low-income housing tax credits. Modifies certain rules relating to the low-income housing tax credit, tax-exempt housing bonds, and the rehabilitation of government-leased buildings. Allows: (1) first-time home buyers a refundable tax credit for 10% of the purchase price of a principal residence, up to $7,500; and (2) individual taxpayers who claim the standard deduction an additional deduction from gross income for state and local real property taxes. Authorizes: (1) an additional $10 billion in the volume cap for issuing tax-qualified bonds for certain [...]

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