Katrina Housing Tax Relief Act of 2007

Bill: 110-hr-1562
Sponsor: Rep. Rangel, Charles B. [D-NY-15]
Introduced: 2007-03-19 in the House
Policy area: Taxation
Subjects: Administrative remedies
Alabama
Block grants
Bonds
Building construction
Collection of accounts
Commerce
Community development
Congress
Congressional hearings
Congressional investigations
Congressional reporting requirements
Corporation taxes
Department of the Treasury
Disaster relief
Due process of law
Economics and Public Finance
Emergency Management
Floods
Florida
Fraud
Government Operations and Politics
Government lending
Home repair and improvement
Housing and Community Development
Hurricanes
Income tax
Infrastructure
Internal Revenue Service (IRS)
Labor and Employment
Law
Louisiana
Low-income housing
Mississippi
Real estate development
Residential rehabilitation
Social Welfare
Social security taxes
Tax credits
Tax incentives
Tax rates
Texas
Unemployment insurance
Urban affairs
Waste in government spending
Withholding tax

Summary:
action_date: 2007-03-19
text: 
Katrina Housing Tax Relief Act of 2007 - Amends the Internal Revenue Code to: (1) qualify certain buildings in the Gulf Opportunity Zone, the Rita GO Zone, and the Wilma GO Zone (GO Zones) placed in service before 2011 for a full housing tax credit if such buildings receive (or received) a state or local housing credit allocation in 2006, 2007, or 2008; (2) extend through 2010 the treatment of such GO Zones as difficult development areas eligible for an increased housing tax credit; (3) exclude the receipt of certain federal assistance in determining whether GO Zone buildings eligible for the housing tax credit are federally subsidized and therefore subject to limitations on such credit; and (4) treat qualified GO Zone repair and reconstruction loans provided prior to 2011 as qualified rehabilitation loans financed by tax-exempt bonds.

action_date: 2007-03-23
text: 
Katrina Housing Tax Relief Act of 2007 - Amends the Internal Revenue Code to: (1) qualify certain buildings in the Gulf Opportunity Zone, the Rita Go Zone, and the Wilma GO Zone (GO Zones) placed in service before 2011 for the housing tax credit without regard to certain otherwise applicable restrictions if such buildings receive (or received) a state or local housing credit allocation in 2006, 2007, or 2008; (2) extend through 2010 the treatment of such Go Zones as difficult development areas for purposes of the increased housing tax credit; (3) exclude certain assistance provided under the Housing and Community Development Act of 1974 (e.g., community development block grants), the Department of Defense Appropriations Act, 2006, or the Emergency Supplemental Appropriations Act for Defense, the Global War on Terror, and Hurricane Recovery, 2006, in determining whether Go Zone buildings eligible for the housing tax credit are federally subsidized and therefore subject to limitations on such tax credit; and (4) treat qualified GO Zone repair and reconstruction loans provided prior to January 1, 2011, as qualified rehabilitation loans for purposes of the tax exemption for exempt facility and mortgage bonds.

Directs the Comptroller General to study and report to the House Ways and Means Committee and the Senate Finance Committee on state and local practices in allocating and utilizing tax incentives provided by this Act. Requires such committees to hold public hearings if the report includes findings of significant fraud, waste or abuse.

Amends the Internal Revenue Code to allow the issuance of a levy for employment tax liabilities without a prior hearing.

Amends the Tax Increase Prevention and Reconciliation Act of 2005 to increase from 106.25% to 106.45% the estimated tax rate in the third quarter of 2012 for corporations with assets of not less than $1 billion.

action_date: 2007-03-27
text: 
Katrina Housing Tax Relief Act of 2007 - Amends the Internal Revenue Code to: (1) qualify certain buildings in the Gulf Opportunity Zone, the Rita Go Zone, and the Wilma GO Zone (GO Zones) placed in service before 2011 for the housing tax credit without regard to certain otherwise applicable restrictions if such buildings receive (or received) a state or local housing credit allocation in 2006, 2007, or 2008; (2) extend through 2010 the treatment of such Go Zones as difficult development areas for purposes of the increased housing tax credit; (3) exclude certain assistance provided under the Housing and Community Development Act of 1974 (e.g., community development block grants), the Department of Defense Appropriations Act, 2006, or the Emergency Supplemental Appropriations Act for Defense, the Global War on Terror, and Hurricane Recovery, 2006, in determining whether Go Zone buildings eligible for the housing tax credit are federally subsidized and therefore subject to limitations on such tax credit; and (4) treat qualified GO Zone repair and reconstruction loans provided prior to January 1, 2011, as qualified rehabilitation loans for purposes of the tax exemption for exempt facility and mortgage bonds.

Directs the Comptroller General to study and report to the House Ways and Means Committee and the Senate Finance Committee on state and local practices in allocating and utilizing tax incentives provided by this Act. Requires such committees to hold public hearings if the report includes findings of significant fraud, waste or abuse.

Denies a pre-levy hearing to taxpayers upon whom the Secretary of the Treasury has served a disqualified employment tax levy. Defines a &quot;disqualified employment tax levy&quot; as any levy in connection with the collection of employment taxes if: (1) the person subject to the levy requested a hearing with respect to unpaid employment taxes arising in the most recent two-year period before the beginning of the taxable period with respect to which the levy is served; and (2) such levy is served before February 29, 2016.

Amends the Tax Increase Prevention and Reconciliation Act of 2005 to increase from 106.25% to 106.45% the estimated tax rate in the third quarter of 2012 for corporations with assets of not less than $1 billion.


Legislative actions:
action_date: 2007-03-28
text: Received in the Senate and Read twice and referred to the Committee on Finance.
action_date: 2007-03-27
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2007-03-27
text: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3150)
action_date: 2007-03-27
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H3150)
action_date: 2007-03-27
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 1562.
action_date: 2007-03-27
text: Considered under suspension of the rules. (consideration: CR H3150-3153)
action_date: 2007-03-27
text: Mr. Rangel moved to suspend the rules and pass the bill, as amended.
action_date: 2007-03-23
text: Placed on the Union Calendar, Calendar No. 37.
action_date: 2007-03-23
text: Reported (Amended) by the Committee on Ways and Means. H. Rept. 110-66.
action_date: 2007-03-23
text: Reported (Amended) by the Committee on Ways and Means. H. Rept. 110-66.
action_date: 2007-03-21
text: Ordered to be Reported (Amended) by Voice Vote.
action_date: 2007-03-21
text: Committee Consideration and Mark-up Session Held.
action_date: 2007-03-19
text: Referred to the House Committee on Ways and Means.
action_date: 2007-03-19
text: Introduced in House
action_date: 2007-03-19
text: Introduced in House