Indexing (Economic policy) Legislation - Federal Government

College Opportunity Tax Credit Act of 2007 - Amends the Internal Revenue Code to replace the Hope Scholarship and Lifetime Learning Tax Credits with an increased, partially refundable college opportunity tax credit to cover up to four years (currently, limited to two years) of the tuition and related expenses of full or part-time postsecondary and graduate students.

Small Business Health Care Tax Credit Act - Amends the Internal Revenue Code to allow certain small business employers a partially refundable business tax credit for the health insurance costs of employees who are not otherwise covered by a spouse's insurance or by a federal health insurance program.

Expresses the sense of Congress that Congress and the President should: (1) increase basic pay for members of all military components and the Coast Guard by 3.5%, effective January 1, 2008; and (2) increase basic pay for all such components during FY2009-FY2012 by at least one-half of 1% more than the raise calculated under the Employment Cost Index.

Homeowners' Insurance Availability Act of 2007 - Instructs the Secretary of the Treasury to implement a reinsurance coverage program available only through contracts for reinsurance coverage purchased at regional auctions.

States that the purpose of the program is to improve: (1) the availability of homeowners' insurance for the purpose of facilitating the pooling, and spreading the risk, of catastrophic financial losses from disasters; and (2) the solvency of the homeowners' insurance markets.

Prescribes implementation guidelines that include establishment: (1) in the Treasury of the Disaster Reinsurance Fund; and (2) of a National Commission on Catastrophe Risks and Insurance Loss Costs.

Amends the Internal Revenue Code to provide that, in the case of an electing individual, no gain (up to a specified amount) shall be recognized on the receipt of a capital gain dividend distributed by a regulated investment company if such capital gain dividend is automatically reinvested in additional shares of the company pursuant to a dividend reinvestment plan.

Amends the Internal Revenue Code to allow: (1) payment of home school expenses from Coverdell education savings accounts; and (2) an annual inflation adjustment after 2008 to the contribution limit amount for such accounts.

Makes permanent provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 relating to Coverdell education savings accounts, including an increase in the contribution limit amount for such accounts.

Amends the Internal Revenue Code to increase from $16,000 to $30,000 the adjusted gross income limitation applicable to qualified performing artists who are eligible to deduct their performance expenses from gross income (above-the-line tax deduction). Provides for an inflation adjustment to such increased income limitation beginning in 2009.

Family Tax Relief Act of 2008 - Amends the Internal Revenue Code to: (1) increase and make refundable the tax credit for employment-related dependent care expenses; and (2) increase and make permanent the tax deduction for certain expenses of elementary and secondary school teachers.

Makes permanent provisions of the Economic Growth and Tax Relief Reconciliation Act of 2011 which allow: (1) an expanded tax credit for adoption expenses; and (2) an increased exclusion from the gross income of employees for employer-paid adoption expenses.

Military Family Separation Benefits Enhancement Act of 2008 - Entitles a member of the Armed Forces without dependents, in addition to certain other allowances or per diems, to a monthly allowance if the member is, for over 30 days, on: (1) duty on board a ship away from home port; or (2) temporary duty away from the member's permanent station.

Sets the allowance amount at one-half the amount of the monthly allowance under existing family separation allowance provisions.

Requires an annual increase in the family separation allowance based on the Consumer Price Index.

First Time Property Owners Tax Credit Act of 2008 - Amends the Internal Revenue Code to allow an income-based, one-time refundable tax credit for first-time homebuyers of 5% of the purchase price of real property located in the United States, up to a maximum credit amount of $1,500 ($3,000 for joint returns). Makes such credit applicable to purchases of property on or after January 1, 2008, and before January 1, 2013, and to binding contracts made between such dates to purchase such property before July 1, 2014.

Amends the Internal Revenue Code to require an inflation adjustment to the dollar amounts for calculating the tax credit for taxpayers who have attained age 65 or who have retired on disability as permanently and totally disabled.

First-Time Homebuyers' Tax Credit Act of 2008 - Amends the Internal Revenue Code to: (1) allow an income-based, one-time refundable tax credit for first-time homebuyers of ten percent of a principal residence's purchase price ($3,000 maximum credit, $6,000 maximum credit for joint filers); (2) allow transfer of such credit (within 30 days of transfer application) as payment towards related downpayment and closing costs; and (3) apply the credit to purchases made on or after January 1, 2008, and before January 1, 2013, and to binding contracts made between such dates, and in which the residence is occupied before July 1, 2014.

Economic Growth Act of 2008 - Amends the Internal Revenue Code to: (1) repeal the dollar and other limitations on the expensing allowance of depreciable business assets; (2) reduce to 25% the maximum corporate income tax rate; (3) provide for an inflation adjustment to the basis of certain capital assets for purposes of determining gain or loss; and (4) reduce from 35 to 15% the alternative capital gains tax rate for corporations.