A new housing stimulus bill is working its way through Congress. The Senate version of the bill (H.R. 3221), which differs from the one passed by the House, includes the following seven tax provisions: (1) Extension of net operating loss carrybacks from two years to four years; (2) modified tax rules for real estate investment trusts (REITs); (3) refunds of alternative minimum tax (AMT) and research credits for businesses in loss positions; (4) a new standard property tax deduction for nonitemizers; (5) a new tax credit for taxpayers who buy single-family, foreclosed homes; (6) additional tax relief for victims of hurricanes Rita and Katrina; and (7) an increase in the overall allocation to mortgage revenue bonds.
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