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HR 5790 110th Congress House Taxation Commerce Foreign Trade and International Finance Foreign corporations Government Operations and Politics Income tax Local taxation Property tax State taxation Tax deductions Tax evasion Tax penalties Tax-deferred compensation plans

Universal Homeowner Tax Cut Act of 2008

Introduced: April 15, 2008 Introduced by: Foster, Bill Democratic · Illinois See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 15, 2008
Referred to the House Committee on Ways and Means.
Apr 15, 2008
Introduced in House
 Plain-English summary Congressional Research Service

Universal Homeowner Tax Cut Act of 2008 - Amends the Internal Revenue Code to: (1) allow individual taxpayers who do not otherwise itemize a deduction from gross income for up to $1,000 of their state and local real property taxes; (2) require the inclusion in gross income of deferred compensation paid by certain foreign corporations; (3) set forth rules for the application of the economic substance doctrine for evaluating transactions affecting federal income tax liability; and (4) assess new penalties for underpayments of tax attributable to transactions lacking economic substance.

What's happening now April 15, 2008

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1