Helping Americans Keep Their Homes Act of 2009

Legislation: Executive Compensation (H.R.1664, H.R.1575, H.R.1586); Credit Card Legislation (S.414, H.R.627); Interstate Taxation (H.R.1083); Systemic Risk Regulation; Appropriations, including real estate brokerage & FTC & State AG rules (H.R.1105); Credit Union Legislation; Fair Value Accounting; Bankruptcy Cramdown & FDIC Reform (H.R.1106, S.61, S.541, H.R.200); Mortgage Loan Modification; Economic Stimulus (H.R.598, H.R.1); Deposit Insurance Increase (S.896, H.R.786), cont'd. Hope for Homeowners (H.R.787); Mortgage Servicing (H.R.788); TARP (H.R.384, H.J.Res.3); Administration's Regulatory Reform Proposal; TARP Legislation (H.R.1610, H.R.1652, H.R.1656); Usury Ceilings (H.R.1608, H.R.1640); Financial Literacy (H.R.1645); Pension Legislation (H.R. 1629); Universal Default (H.R. 1637); Interchange Legislation (H.R.2382, H.R.2695); "Bank Accountability and Risk Assessment Act" (H.R.2897); Data Protection (H.R.2221); Mortgage Legislation (H.R.1708). Regulation: Overdraft Fees; FRB Regulation E; TARP Program, including CPP, PPIP, TALF, TLGP; TIP; MMIFF; AMLF; CAP; Loan Modification; FDIC Deposit Insurance Premiums; SEC Accounting Issues; Capital Adequacy Requirements; Reg Z (Truth in Lending); Deposit Insurance Assessments; Regulations on Loans to Affiliates; Remote Deposit Capture; Executive Pay Guidelines; Regulation DD (Truth in Savings); Unfair & Deceptive Acts & Practices Regulation; Reserve Requirement (Reg D); Deposit Insurance Regulations; CRA Regulations; Transaction Account Guarantee Program; SBA Regs; Identity Theft and Privacy Rules; MLO regulations; Legacy securities and Legacy Loans Program; Reserve Requirements (Reg D); State Law Preemption; SEC Short-Sales Rules.

Client expense: $200,000 · Firm income: Not reported

Government targets: Federal Deposit Insurance Corporation (FDIC), Federal Reserve System, Federal Trade Commission (FTC), HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Internal Revenue Service (IRS), Office of Thrift Supervision (OTS), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), Treasury, Dept of

H.R. 205 - Death Tax Repeal Act - Repeals the federal estate, gift, and generation-skipping transfer taxes. H.R. 214 - Amends the Internal Revenue Code to allow purchasers of a single-family principal residence a one-time tax credit for up to $15,000 of the purchase price. Requires such a residence to be purchased after February 29, 2008, and before March 1, 2009, and that it be: (1) a new previously unoccupied residence for which a building permit has been issued and construction began on or before September 1, 2007; (2) an owner-occupied residence with a mortgage indebtedness in default on or before March 1, 2008; or (3) in foreclosure and owned by the mortgagor or the mortgagor's agent. H.R. 436 - Certain Estate Tax Relief Act of 2009 - Restores the tax on estates and generation-skipping transfers and the step-up in basis provisions for property acquired from a decedent, previously repealed by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). Declares that the sunset provision (general terminating date of December 10, 2010) of EGTRRA shall not apply to title V of such Act ( Estate, Gift, and Generation-Skipping Transfer Tax Provisions). H.R. 498 - Capital Gains and Estate Tax Relief Act of 2009 - Makes permanent the reduction in capital gains tax rates (from 20 to 15%) enacted by the Jobs and Growth Tax Relief and Reconciliation Act of 2003. H.R. 755 - Amends the Internal Revenue Code to allow an individual taxpayer an exclusion from gross income of the gain from the sale or exchange of up to two residences (other than a principal residence) acquired after December 31, 2008, and before January 1, 2012. Limits the amount of such exclusion to $250,000 ($500,000 for married taxpayers filing a joint return). Allows a $500,000 exclusion amount for a surviving spouse who sells a residence within two years of the death of a spouse. H.R. 1245 - Homebuyer Tax Credit Act of 2009 - Amends the Internal Revenue Code to replace the current tax credit for first-time homebuyers with a one-time credit for 10% of the purchase price of a principal residence, up to $15,000. Requires repayment of credit amounts if the taxpayer sells or fails to occupy the residence within 24 months after the date of purchase. H.R. 1301 - Amends Internal Revenue Code provisions allowing nonrecognition of gain from like-kind exchanges to suspend the 180-day period for completing such exchanges in cases involving exchange facilitators who have filed a bankruptcy petition. S. 2 - Middle Class Opportunity Act of 2009 - Declares that Congress should enact, and the President should sign, legislation to improve the lives of middle class families and provide them with greater opportunity to achieve the American dream by: providing middle class tax relief while making the tax laws simpler and more reliable. H.R. 1560 - To make the moratorium on Internet access taxes and multiple and discriminatory taxes on electronic commerce permanent. H.R. 1629 - To amend the Internal Revenue Code of 1986 to provide penalty free distributions and loans from certain retirement plans for the purchase and refinancing of principal residences. H.R. 1632 - To amend the Internal Revenue Code of 1986 to provide an exclusion from gross income of long-term capital gains on property purchased before the end of 2009. H.R. 1716 - To amend the Internal Revenue Code of 1986 to allow the deduction for real property taxes on the principal residences to all individuals whether or not they itemize other deductions. H.R. 1805 - To amend the Internal Revenue Code of 1986 to make permanent the deduction for State and local sales tax, the deduction for qualified tuition and related expenses, and the deduction for mortgage interest premiums, and to modify to the homebuyer credit. S. 156 - Small Business Stimulus Act of 2009 - Amends the Internal Revenue Code to: (1) extend through 2010 the increased expensing allowance for depreciable business assets; and (2) extend from two to five years the carryback period for net operating losses in 2008 or 2009. S. 201 - Amends the Internal Revenue Code to extend through 2010 the additional standard tax deduction for real property taxes for taxpayers who do not itemize their tax deductions. S. 253 - Fix Housing First Homebuyer Tax Credit Act - Amends the Internal Revenue Code to revise the tax credit for first-time homebuyers by: (1) eliminating the first-time homebuyer requirement (thus making such credit available to all homebuyers); (2) eliminating the repayment requirement for such credit except for resales of a principal residence, or failure to occupy such residence, at any time within three years of purchase; (3) exempting from the repayment requirement members of the Armed Forces who are ordered to relocate; (4) extending the period for purchasing a residence until December 31, 2009. S. 567 - Repeals the termination date in the Jobs Growth Tax Relief Reconciliation Act of 2003 for provisions reducing individual tax rates on capital gains and dividend income. C.A.R. has been lobbying on the Administration Budget Proposal which included provisions that would limit the amount a tax deduction could be counted on certain income brackets. This limitation would apply to the deduction of real estate related items such as property taxes and Mortgage Interest Deduction.

Legislation: Executive Compensation (H.R.1664, H.R.1575, H.R.1586); Credit Card Legislation (S.414, H.R.627); Interstate Taxation (H.R.1083); Systemic Risk Regulation; Appropriations, including real estate brokerage & FTC & State AG rules (H.R.1105); Credit Union Legislation; Fair Value Accounting; Bankruptcy Cramdown & FDIC Reform (H.R.1106, S.61, S.541, H.R.200); Mortgage Loan Modification; Economic Stimulus (H.R.598, H.R.1); Deposit Insurance Increase (H.R.786), cont'd. Hope for Homeowners (H.R.787); Mortgage Servicing (H.R.788); TARP (H.R.384, H.J.Res.3). Regulation: Overdraft Fees; FRB Regulation E; TARP Program, including CPP, PPIP, TALF, TLGP; TIP; MMIFF; AMLF; CAP; Loan Modification; FDIC Deposit Insurance Premiums; SEC Accounting Issues; Capital Adequacy Requirements; Reg Z (Truth in Lending); Deposit Insurance Assessments; Regulations on Loans to Affiliates; Remote Deposit Capture; Executive Pay Guidelines; Regulation DD (Truth in Savings); Unfair & Deceptive Acts & Practices Regulation; Reserve Requirement (Reg D); Deposit Insurance Regulations; CRA Regulations; TARP Legislation (H.R.1610, H.R.1652, H.R.1656); Usury Ceilings (H.R.1608, H.R.1640); Financial Literacy (H.R.1645); Pension Legislation (H.R. 1629); Universal Default (H.R. 1637).

Client expense: $170,000 · Firm income: Not reported

H.R. 205 - Death Tax Repeal Act - Repeals the federal estate, gift, and generation-skipping transfer taxes. H.R. 214 - Amends the Internal Revenue Code to allow purchasers of a single-family principal residence a one-time tax credit for up to $15,000 of the purchase price. Requires such a residence to be purchased after February 29, 2008, and before March 1, 2009, and that it be: (1) a new previously unoccupied residence for which a building permit has been issued and construction began on or before September 1, 2007; (2) an owner-occupied residence with a mortgage indebtedness in default on or before March 1, 2008; or (3) in foreclosure and owned by the mortgagor or the mortgagor's agent. H.R. 436 - Certain Estate Tax Relief Act of 2009 - Restores the tax on estates and generation-skipping transfers and the step-up in basis provisions for property acquired from a decedent, previously repealed by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). Declares that the sunset provision (general terminating date of December 10, 2010) of EGTRRA shall not apply to title V of such Act ( Estate, Gift, and Generation-Skipping Transfer Tax Provisions). H.R. 498 - Capital Gains and Estate Tax Relief Act of 2009 - Makes permanent the reduction in capital gains tax rates (from 20 to 15%) enacted by the Jobs and Growth Tax Relief and Reconciliation Act of 2003. H.R. 755 - Amends the Internal Revenue Code to allow an individual taxpayer an exclusion from gross income of the gain from the sale or exchange of up to two residences (other than a principal residence) acquired after December 31, 2008, and before January 1, 2012. Limits the amount of such exclusion to $250,000 ($500,000 for married taxpayers filing a joint return). Allows a $500,000 exclusion amount for a surviving spouse who sells a residence within two years of the death of a spouse. H.R. 1245 - Homebuyer Tax Credit Act of 2009 - Amends the Internal Revenue Code to replace the current tax credit for first-time homebuyers with a one-time credit for 10% of the purchase price of a principal residence, up to $15,000. Requires repayment of credit amounts if the taxpayer sells or fails to occupy the residence within 24 months after the date of purchase. H.R. 1301 - Amends Internal Revenue Code provisions allowing nonrecognition of gain from like-kind exchanges to suspend the 180-day period for completing such exchanges in cases involving exchange facilitators who have filed a bankruptcy petition. S. 2 - Middle Class Opportunity Act of 2009 - Declares that Congress should enact, and the President should sign, legislation to improve the lives of middle class families and provide them with greater opportunity to achieve the American dream by: (1) providing middle class tax relief while making the tax laws simpler and more reliable; (2) promoting investments in the new economy and enacting policies that create good, well-paying domestic jobs, and promoting families by improving the access and affordability of child and elder care; (3) enhancing the incentives and protections to help middle class families adequately meet their needs in retirement; (4) improving programs to help families acquire the education and training to be productive participants in the modern economy; (5) restoring fairness, prosperity, and economic security for working families by ensuring workers can exercise their rights to freely choose to form a union without employer interference; and (7) removing barriers to fair pay for all workers. H.R. 1560 - To make the moratorium on Internet access taxes and multiple and discriminatory taxes on electronic commerce permanent. H.R. 1629 - To amend the Internal Revenue Code of 1986 to provide penalty free distributions and loans from certain retirement plans for the purchase and refinancing of principal residences. H.R. 1632 - To amend the Internal Revenue Code of 1986 to provide an exclusion from gross income of long-term capital gains on property purchased before the end of 2009. H.R. 1716 - To amend the Internal Revenue Code of 1986 to allow the deduction for real property taxes on the principal residences to all individuals whether or not they itemize other deductions. H.R. 1805 - To amend the Internal Revenue Code of 1986 to make permanent the deduction for State and local sales tax, the deduction for qualified tuition and related expenses, and the deduction for mortgage interest premiums, and to modify to the homebuyer credit. S. 156 - Small Business Stimulus Act of 2009 - Amends the Internal Revenue Code to: (1) extend through 2010 the increased expensing allowance for depreciable business assets; and (2) extend from two to five years the carryback period for net operating losses in 2008 or 2009. S. 201 - Amends the Internal Revenue Code to extend through 2010 the additional standard tax deduction for real property taxes for taxpayers who do not itemize their tax deductions. S. 253 - Fix Housing First Homebuyer Tax Credit Act - Amends the Internal Revenue Code to revise the tax credit for first-time homebuyers by: (1) eliminating the first-time homebuyer requirement (thus making such credit available to all homebuyers); (2) eliminating the repayment requirement for such credit except for resales of a principal residence, or failure to occupy such residence, at any time within three years of purchase; (3) exempting from the repayment requirement members of the Armed Forces who are ordered to relocate; (4) extending the period for purchasing a residence until December 31, 2009. S. 567 - Repeals the termination date in the Jobs Growth Tax Relief Reconciliation Act of 2003 for provisions reducing individual tax rates on capital gains and dividend income. C.A.R. sent a comment letter to the California Congressional delegates concerning their opposition to a proposal in the FY10 Budget that would alter the deduction rate for taxpayers in the upper tax bracket. This change would include limitations to the Mortgage Interest Deduction, property taxes, state and local taxes, and private mortgage insurance deductions.