Spring 2009, Vol. 34, No. 1
Abstract: On July 30, 2008, President George W. Bush signed into law the Housing and Economic Recovery Act of 2008. This major piece of legislation contains (in addition to many non-tax items) several new tax provisions and amendments to the Internal Revenue Code. This article examines some of these noteworthy provisions and amendments, which include changes to the low income housing tax credit, the alternative minimum tax, and real estate investment trust reforms, among others. Investors in real estate are urged to gain a clearer understanding of this piece of legislation to seek ways in which they can significantly diminish their income taxes.