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As you may have heard, the American Housing Rescue and Foreclosure Prevention Act of 2008 became law on July 30, 2008. What does this mean to you?

The three changes most likely to affect taxpayers include:

• Temporary tax credits for first-time homebuyers

• Temporary property tax deductions for non-itemizers

• Unfavorable new rule for properties converted into principal residences

There were also a number of other important changes, including:

• Corporations can use R&D and MTC carryovers instead of claiming bonus depreciation.
• Required information reporting for credit card and third-party payment network sales.
• Favorable changes to low-income housing and rehab credit rules.
• Interest from some tax-exempt bonds no longer added back for AMT.
• Interest from FHLB-backed state and local bonds can be tax-exempt.

If you would like to receive our recently issued comprehensive email report on the Act, please email information@skodaminotti.com, with the subject line: Housing Act.

Looking for Cleveland or Akron tax accountant? Contact Skoda Minotti at 440-449-6800.