On Jul 30, 2008, Pres George W. Bush signed into law the Housing and Economic Recovery Act of 2008 (hereinafter Act). This sweeping piece of legislation contains, among other things, numerous amendments to the Internal Revenue Code. Several of the provisions of the Act have implications for real estate investors and/or real estate transactions. The purpose of this article is to summarize the provisions of several of the important changes to the Internal Revenue Code that are now the law or that will soon become the law and that pertain to real estate transactions. Investors in real estate are urged to look closely at this tax legislation to seek ways in which they can significantly diminish their future income taxes.
Over the past year, the low-income housing tax credit program has undergone a notable transformation. State agencies have been laboring to interpret the new provisions, and have been issuing policy memos to respond to the changes. On the compliance side, some of the Housing and Economic Recovery Act of 2008 (HEAR) provisions can present difficulties or confusion for site managers and staff who do not know about or do not fully understand just what all of these changes entail. Currently, projects placed in service during 2006, 2007, or 2008, and which are located in a non-metropolitan area within the Gulf Opportunity Zone are able to use the greater of the median gross income standard or the national non-metropolitan gross income standard. For 9 percent LIHTC sites located in certain ru...
provides additional guidance with respect to new Section 168(k)(4), which was added by section 3081(a) of the Housing and Economic Recovery Act of 2008. This procedure provides guidance regarding the time and manner for making the Section 168(k)(4) election, the allocation of the credit limitation increases allowed by this election among members of a controlled group, the effect of the election on partnerships with corporate partners that make the Section 168(k)(4) election, the application of Section 168(k)(4) to S corporations, and the election under section 3081(b) of the Housing Act by certain automotive partnerships.
Section 1209 of the Housing and Economic Recovery Act of 2008 (HERA) amended section 26 of the Federal Home Loan Bank Act (Bank Act) to permit any Federal Home Loan Bank (Bank) to merge with another Bank with the approval of its board of directors, its members, and the Director of the Federal Housing Finance Agency (FHFA). This final rule establishes the conditions and procedures for the consideration and approval of voluntary Bank mergers.
ver las páginas en versión mobile | web
ver las páginas en versión mobile | web
© Copyright 2012, vLex. All Rights Reserved.
Contents in vLex United States
Explore vLex
For Professionals
For Partners
Company
Other interesting searches:
thomas v thomas georgia | purkett v elem | Palm Desert National Bank | rodrick smith | journey to the west | maladie de la peau du visage | herederos capitulo 27 | Bas-mauco | impot sur les sociétés taux | factor prestacional venezuela
