Mortgage Cancellation Relief Act of 2003

S. 1175-First-Time Homebuyers' Tax Credit Act would allow first-time homebuyers to receive a tax credit of up to #3000 for individuals or $6000 for married couples. S. 1175 allows individuals or couples in the 25% or lower tax brackets to take a tax credit on the purchase of their principal residence. H.R. 1336/S. 846-Mortgage Insurance Fairness Act would Amend the IRS code of 1986 to classify mortgage insurance premiums as residence interest, allowing for it to be tax deductible. H.R. 1634/S. 576-Business Property Economic Revitalization Act would shorten the tax depreciation life, on non-residential property, from 39 years to 10 years. S. 1918-would allow money given for the purpose of downpayment assistance to qualified organizations to be considered as charitable donations on tax returns. H.R. 22-The Individual and Small Business Tax Simplification Act of 2003 would amend the IRS Code to simplify certain provisions and establish a uniform pass-thru regime. H.R. 2896/H.R. 4520-American Jobs Creation Act would reduce the depreciation period for leasehold improvements from 39 years to 15 years, and extend the 50% bonus depreciation until December 2005. H.R. 3521/S. 1896-Tax Relief Extension Act would extend a number of expiring tax provisions, including the brownfield clean up deduction. S. 597-The bill would create tax incentives for property owners and landlords who made their properties more energy efficient. H.R. 666-Mortgage Cancellation Relief Act would grant relief from the discharge of indebtedness rules for sales of residences. H.R. 839/S. 875/S. 198-REnewing the Dream Tax Credit Act would allow developers and investors who construct or rehabilitate housing for low- and moderate-income families for purchase to claim a tax credit up to 50% of the cost over a five-year period. H.R. 4221-This bill would reduce the depreciation recapture tax rate from the current 25% down to 15%. S. 150/S. 2084-These bills would extend the moratorium that bars state and local governments from imposing multiple and discriminatory taxes on internet access. Treasury Department's Fiscal Year 2005 Budget proposal to "close loopholes, halt several abusive tax avoidance transactions, and simplify the tax code."

Client expense: $60,000 · Firm income: Not reported

Government targets: Defense, Dept of (DOD), Federal Communications Commission (FCC), Federal Reserve System, Federal Trade Commission (FTC), HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Office of Management & Budget (OMB), Office of the Comptroller of the Currency (OCC), SENATE, Treasury, Dept of

S. 1175 - First-Time Homebuyers' Tax Credit Act would allow first-time homebuyers to receive a tax credit of up to $3000 for individuals or $6000 for married couples. S. 1175 allows individuals or couples in the 25% or lower tax brackets to take a tax credit on the purchase of their principal residence. H.R. 1336/ S. 846 - Mortgage Insurance Fairness Act would Amend the IRS code of 1986 to classify mortgage insurance premiums as residence interest, allowing for it to be tax deductible. H.R. 1634/ S. 576 - Business Property Economic Revitalization Act would shorten the tax depreciation life, on non-residential property, from 39 years to 10years. S. 1918 - This bill would allow money given for the purpose of downpayment assistance to qualified organizations to be considered as charitable donations on tax returns. H.R. 22 The Individual and Small Business Tax Simplification Act of 2003 would amend the IRS Code to simplify certain provisions and establish a uniform pass-thru regime. H.R. 2896 - American Jobs Creation Act would reduce the depreciation period for leasehold improvements from 39 years to 15 years, and extend the 50% bonus depreciation until December 2005. H.R. 3521/ S. 1896 - Tax Relief Extension Act - These bills would extend a number of expiring tax provisions, including the brownfield clean up deduction. S. 597 - The bill would create tax incentives for property owners and landlords who made their properties more energy efficient. H.R. 666 - Mortgage Cancellation Relief Act would grant relief from the discharge of indebtedness rules for sales of residences. H.R. 839/ S. 875 - Renewing the Dream Tax Credit Act would allow develpers and investors who construct or rehabilitate housing for low- and moderate-income families for purchase to claim a tax credit up to 50% of the cost over a five-year period. The Jobs and Growth Tax Relief Reconciliation Act that was designed to provide tax cuts to individuals and to businesses as an incentive for greater investment and economic activity.

Client expense: $60,000 · Firm income: Not reported

Government targets: Federal Communications Commission (FCC), Federal Reserve System, Federal Trade Commission (FTC), HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), SENATE, Treasury, Dept of