First-Time Homebuyers' Tax Credit Act of 2005

H.R. 8/S. 420, The Death Tax Repeal Permanency Act, would make permanent the death tax repeal after 2010. S. 132, The Mortgage Insurance Fairness Act, would allow for the deduction of private or government mortgage insurance payments. The bill phases out the deduction for taxpayers with incomes above $100,000. H.R. 453, The Home Lead Safety Tax Credit Act, would allow owners of residential properties built in the U.S. before 1978 to take a tax credit for costs incurred for lead-based paint removal performed by a certified lead abatement contractor. H.R. 1010, The REMIC Modernization Act would allow for modifications and/or changes to be more easily made to properties secured with REMIC loans. S. 1213, The 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. H.R. 1549/ S. 859, The Renewing the Dream Tax Credit Act, would allow developers and investors who construct or substantially rehabilitate housing for low- and moderate-income families for purchase to claim up to 50% of the cost over a five year period. H.R. 1663/S. 621, which would make the 15-year depreciation of leasehold improvements permanent. H.R. 3194, The Housing America's Workforce Act, would provide incentives for employer-provided employee housing assistance, and for other purposes. Foreign Investment in Real Property Tax Act, which requires sellers of property to furnish to buyers a non-foreign affidavit that includes their Tax Identification Number to avoid an automatic withholding.

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

Government targets: Defense, Dept of (DOD), Federal Communications Commission (FCC), Federal Deposit Insurance Corporation (FDIC), Federal Reserve System, HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Office of Thrift Supervision (OTS), Office of the Comptroller of the Currency (OCC), SENATE, Treasury, Dept of