Overview of Pending Tax Legislation

Courtesy of NAEA – www.naea.org

Rep. Xavier Becerra (D-CA) last week introduced H.R. 5716, the Taxpayer Bill of Rights Act of 2008, in the House of Representatives. The bill includes NAEA’s key legislative initiative—regulation of paid return preparers.

The House Ways and Means Committee last Wednesday approved 23–17 the Taxpayer Assistance and Simplification Act of 2008, which (among other things) would align tax preparers’ standard for undisclosed positions with the position of self-preparing taxpayers (i.e., a return to “more likely than not” from “substantial authority”), removes cellular phones from §270 listed property, and would end the IRS private debt collection program.

The House Ways and Means Committee last Wednesday passed 35–5 the Housing Assistance Tax Act, which is intended to boost the ailing housing market. Among the bill’s main provisions is a refundable tax credit for first-time homebuyers, a provision allowing non-itemizers to a standard deduction for property taxes, and a requirement that brokers report cost basis of stocks sold.

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