Firm News Blog

The American Housing Rescue and Foreclosure Prevention Act of 2008

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, with the subject line: Housing Act.

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

This entry was posted in Firm News. Bookmark the permalink. Follow any comments here with the RSS feed for this post. Both comments and trackbacks are currently closed.
© Copyright 2018 Skoda Minotti | Privacy Policy | Disclaimer | Remote Support
Cleveland 440-449-6800 | Akron 330-668-1100 | Tampa 813-288-8826
Website designed and developed by Skoda Minotti Strategic Marketing