Housing and Economic Recovery Act of 2008/Division C

. SHORT TITLE; ETC.

 * (a) Short Title.—
 * This division may be cited as the ``Housing Assistance Tax Act of 2008´´.


 * (b) Amendment of 1986 Code.—
 * Except as otherwise expressly provided, whenever in this division an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986.


 * (c) Table of Contents.—
 * The table of contents for this division is as follows:


 * Sec. 3000. Short Title; Etc.


 * TITLE I—HOUSING TAX INCENTIVES


 * Subtitle A—Multi-Family Housing


 * Part I—Low-Income Housing Tax Credit
 * Sec. 3001. Temporary increase in volume cap for low-income housing tax credit.
 * Sec. 3002. Determination of credit rate.
 * Sec. 3003. Modifications to definition of eligible basis.
 * Sec. 3004. Other simplification and reform of low-income housing tax incentives.
 * Sec. 3005. Treatment of military basic pay.


 * Part II—Modifications to Tax-Exempt Housing Bond Rules
 * Sec. 3007. Recycling of tax-exempt debt for financing residential rental projects.
 * Sec. 3008. Coordination of certain rules applicable to low-income housing credit and qualified residential rental project exempt facility bonds.


 * Part III—Reforms Related to the Low-Income Housing Credit and Tax-Exempt Housing Bonds
 * Sec. 3009. Hold harmless for reductions in area median gross income.
 * Sec. 3010. Exception to annual current income determination requirement where determination not relevant.


 * Subtitle B—Single Family Housing
 * Sec. 3011. First-time homebuyer credit.
 * Sec. 3012. Additional standard deduction for real property taxes for nonitemizers.


 * Subtitle C—General Provisions
 * Sec. 3021. Temporary liberalization of tax-exempt housing bond rules.
 * Sec. 3022. Repeal of alternative minimum tax limitations on tax-exempt housing bonds, low-income housing tax credit, and rehabilitation credit.
 * Sec. 3023. Bonds guaranteed by Federal home loan banks eligible for treatment as tax-exempt bonds.
 * Sec. 3024. Modification of rules pertaining to FIRPTA nonforeign affidavits.
 * Sec. 3025. Modification of definition of tax-exempt use property for purposes of the rehabilitation credit.
 * Sec. 3026. Extension of special rule for mortgage revenue bonds for residences located in disaster areas.
 * Sec. 3027. Transfer of funds appropriated to carry out 2008 recovery rebates for individuals.


 * TITLE II—REFORMS RELATED TO REAL ESTATE INVESTMENT TRUSTS


 * Subtitle A—Foreign Currency and Other Qualified Activities
 * Sec. 3031. Revisions to REIT income tests.
 * Sec. 3032. Revisions to REIT asset tests.
 * Sec. 3033. Conforming foreign currency revisions.


 * Subtitle B—Taxable REIT Subsidiaries
 * Sec. 3041. Conforming taxable REIT subsidiary asset test.


 * Subtitle C—Dealer Sales
 * Sec. 3051. Holding period under safe harbor.
 * Sec. 3052. Determining value of sales under safe harbor.


 * Subtitle D—Health Care REITs
 * Sec. 3061. Conformity for health care facilities.


 * Subtitle E—Effective Dates
 * Sec. 3071. Effective dates.


 * TITLE III—REVENUE PROVISIONS


 * Subtitle A—General Provisions
 * Sec. 3081. Election to accelerate the AMT and research credits in lieu of bonus depreciation.
 * Sec. 3082. Certain GO Zone incentives.
 * Sec. 3083. Increase in statutory limit on the public debt.


 * Subtitle B—Revenue Offsets
 * Sec. 3091. Returns relating to payments made in settlement of payment card and third party network transactions.
 * Sec. 3092. Gain from sale of principal residence allocated to nonqualified use not excluded from income.
 * Sec. 3093. Delay in application of worldwide allocation of interest.
 * Sec. 3094. Time for payment of corporate estimated taxes.