A bill to amend the Internal Revenue Code of 1986 to provide a Federal income tax credit for certain home purchases.

H.R. 3221, H.R. 5720, H.R. 3997, S. 2566, tax credits for home purchase

Client expense: Not reported · Firm income: $290,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

H.R. 2380, Death Tax Repeal Permanency Act of 2007 H.R. 2, Fair Minimum Wage Act of 2007 (S corp. and small business tax relief provisions) H.R. 976, Small Business Tax Relief Act of 2007 H.R. 4840/S.3063, S Corporation Modernization Act of 2007 HR 1869, Community Banks Serving Their Communities First Act S. 1405, Community Banks Serving Their Communities First Act HR 3648, Mortgage Forgiveness Debt Relief Act (mortgage debt tax reform) HR 5720, Housing Assistance Tax Act of 2008 S.1988, First-Time Homebuyers' Tax Credit Act of 2007 HR 5140, Recovery Rebates and Economic Stimulus for the American People Act of 2008 (small business provisions) S 2566, Homebuyer Tax Credit HR 6275 Alternative Minimum Tax Relief Act HR 6049 Renewable Energy and Job Creation Act (small business provisions) S. 2886 AMT and Extenders Tax Relief Act HR 3874 Small Business Growth and Opportunity Act HR 3221, Housing and Economic Recovery Act of 2008 (first time home buyer tax credit) S.3254, Bank Limited Liability Act of 2008 Tax treatment of losses on Fannie Mae/Freddie Mac preferred stock

Client expense: $920,000 · Firm income: Not reported

Government targets: Agriculture, Dept of (USDA), Export-Import Bank of the United States (EXIM Bank), Farm Credit Administration, Federal Deposit Insurance Corporation (FDIC), Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Internal Revenue Service (IRS), Office of Management & Budget (OMB), 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, White House Office

H.R. 1677 - Taxpayer Protection Act of 2007 - Amends Internal Revenue Code provisions relating to tax administration and taxpayer protections including an alternative procedure for furnishing a non-foreign affidavit in connection with the sale of a U.S. real property interest. H.R. 1424 - the "Emergency Economic and Stabalization Act of 2008" included a $700 billion rescue plan to restart the flow of capital in the marketplace, included real estate tax extenders of brownfield deduction, the 15-year leasehold improvement, deduction of state and local taxes, and a 1-year patch of the AMT. H.R. 1813 - Amends the Internal Revenue Code to make permanent the tax deduction for mortgage insurance premiums. H.R. 1850 - Housing America's Workforce Act - Amends the Internal Revenue Code to allow employers a business tax credit for up to 50 percent of the qualified housing expenses paid for the benefit of their employees. Defines "qualified housing expenses" to include homeownership assistance and rental assistance. Limits the amount of such credit to the lesser of $10,000 or six percent of an employee's home purchase price, or up to $2,000 for rental assistance. Excludes from employee gross income the value of employer-paid housing assistance. H.R. 2014 - Leasehold Improvement Depreciation Act of 2007 - Amends the Internal Revenue Code to: (1) make permanent the accelerated depreciation of qualified leasehold improvement property (i.e., a 15-year recovery period); and (2) modify the rule for determining the adjustment to earnings and profits for depreciation of such property. H.R. 2834 - Amends the Internal Revenue Code to treat as ordinary income income received by a partner from an investment services partnership interest; also known as carried interest. H.R. 3221 - Housing bill which includes a $7500 tax credit for first-time homebuyers, includes a FIRPTA fix that would allow escrow to hold documents, allows for the use of mortgage bonds to refinance qualified subprime loans, included community development block grants to purchase foreclosed properties, includes a new $500/$1000 standard deduction for property taxes, and includes a revision of the rules governing second home conversions and the capital gain exclusion. H.R. 3997 - Defenders of Freedom Tax Relief Act of 2007 - Amends the Internal Revenue Code to provide tax benefits and incentives for military personnel, makes permanent the exemption from the first-time homebuyer rule for veterans using mortgage revenue bonds to purchase a residence, increases the issuance limits on mortgage revenue bonds for veterans in Alaska, Oregon, and Wisconsin to $100 million after 2009, and revises the definition of "qualified veteran" for mortgage bond financing eligibility purposes to eliminate the pre-1977 active duty requirement and to reduce the eligibility period to 25 years. H.R. 5565 - 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. 5720 - Housing Assistance Tax Act of 2008 - Amends the Internal Revenue Code relating to the low-income housing tax credit, tax-exempt housing bonds, real estate investment trusts (REITs) and to provide assistance to first-time home buyers and home owners. Allows first-time home buyers a refundable tax credit for 10% of the purchase price of a principal residence, up to $7,500; and (2) individual taxpayers who claim the standard deduction an additional deduction from gross income for state and local real property taxes. Modifies rules relating to REITs to: (1) treat passive foreign exchange gains attributable to overseas real estate investment as qualifying REIT income; (2) increase from 20 to 25% the the maximum value of an REIT's total assets that may be represented by securities of one or more taxable REIT subsidiaries; (3) revise safe harbor rules for the excise tax penalty on certain REIT sales activities; and (4) treat rental payments made by a health care facility to an REIT as qualifying REIT income. H.R. 6049 - Renewable Energy and Job Creation Act of 2008 -Amends the Internal Revenue Code to provide tax incentives for energy production and conservation, to extend expiring tax provisions, and to extend tax benefits to individual and business taxpayers. This includes: the deduction of state and local taxes, use of mortgage bonds to refinance residences for veterans, 15-year leasehold improvement deduction, brownfield deduction, and includes a new standard property tax deduction of $350 ($700 for married individuals filing a joint tax return). H.R. 6081 - Heroes Earning Assistance and Relief Tax Act of 2008 -Amends the Internal Revenue Code to provide tax benefits and incentives for military personnel, makes permanent the exemption from the first-time homebuyer rule for veterans using mortgage revenue bonds to purchase a residence, increases the issuance limits on mortgage revenue bonds for veterans in Alaska, Oregon, and Wisconsin to $100 million after 2009, and revises the definition of "qualified veteran" for mortgage bond financing eligibility purposes to eliminate the pre-1977 active duty requirement and to reduce the eligibility period to 25 years. H.R. 6275 - Alternative Minimum Tax Relief Act of 2008 - Amends the Internal Revenue Code to: (1) increase and extend through 2008 the alternative minimum tax (AMT) exemption amounts; (2) extend through 2008 the offset of certain nonrefundable personal tax credits against regular and AMT tax liabilities; (3) treat net income and loss from an investment services partnership interest as ordinary income and loss. S. 1078 - Housing America's Workforce Act - Amends the Internal Revenue Code to allow employers a business tax credit for up to 50 percent of the qualified housing expenses paid for the benefit of their employees. Defines "qualified housing expenses" to include homeownership assistance and rental assistance. Limits the amount of such credit to the lesser of $10,000 or six percent of an employee's home purchase price, or up to $2,000 for rental assistance. Excludes from employee gross income the value of employer-paid housing assistance. S. 1361 - Leasehold Improvement Depreciation Act of 2007 - Amends the Internal Revenue Code to: (1) make permanent the accelerated depreciation of qualified leasehold improvement property (i.e., a 15-year recovery period); and (2) modify the rule for determining the adjustment to earnings and profits for depreciation of such property. S. 1416 - Amends the Internal Revenue Code to make permanent the tax deduction for mortgage insurance premiums. S. 1624 - Amends the Internal Revenue Code to treat as corporations for income tax purposes certain publicly traded partnerships which directly or indirectly derive income or gain from providing services as an investment adviser (as defined by the Investment Advisers Act of 1940) or asset management services. S. 2566 - 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.

Catastrophe Savings Accounts: S. 927 - Catastrophe Savings Accounts Act of 2007 H.R 1787 - Catastrophe Savings Accounts Act of 2007 Health Insurance Tax Deductions for Small Businesses: H.R. 3660 - Equity for Our Nation's Self Employed Act of 2007 S. 2339 - Equity for Our Nation's Self Employed Act of 2007 H.R. 914 - Tax Equity & Affordability Act of 2007 Alternative Minimum Tax: H.R. 1366/S. 55 - Individual Alternative Minimum Tax Repeal Act of 2007 H.R. 6275 - Alternative Minimum Tax Relief Act of 2008 H.R. 7005 - Alternative Minimum Tax Relief Act of 2008 Small Business Tax Deductions: H.R. 976 - Small Business Tax Relief Act of 2007 Tax Treatment of Passive Income from Partnerships: H.R. 2834 - To amend the Internal Revenue Code of 1986 to treat income received by partners for performing investment management services as ordinary income received for the performance of services. S. 1624 / H.R. 2785 - To amend the Internal Revenue Code of 1986 to provide that the exception from the treatment of publicly traded partnerships as corporations for partnerships with passive-type income shall not apply to partnerships directly or indirectly deriving income from providing investment adviser and related asset management services. Tax Treatment of Environmental Remediation Costs: H.R. 1753 - To amend the Internal Revenue Code of 1986 to make the expensing of environmental remediation costs permanent law and to repeal the recapture of such expenses under section 1245 of such Code. Taxation of Property Depreciation: H.R. 2014 - Leasehold Improvement Depreciation Act of 2007 H.R. 3996 - Temporary Tax Relief Act of 2007 Homeownership Tax Credits: H.R.3221 - Foreclosure Prevention Act of 2008 (Sections pertaining to Homeownership Tax Credit) S. 2566 - A bill to amend the Internal Revenue Code of 1986 to provide a Federal income tax credit for certain home purchases. Energy Tax Credits: H.R. 5351 - Renewable Energy and Energy Conservation Tax Act of 2008 H.R. 6049 - Energy and Tax Extenders Act of 2008 Other Issues: Like-kind Exchange: H.R. 2419 -- Farm Bill Extension Act of 2007 Foreign Investors in Real Property Provisions: H.R. 3221 - Foreclosure Prevention Act of 2008 (Provisions pertaining to foriegn investment in real estate)

H.R. 3221, H.R. 5720, S. 2566, tax credits for home purchase

Client expense: Not reported · Firm income: $320,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC)

H.R. 3221, H.R. 5720, H.R. 3997, S. 2566, tax credits for home purchase

Client expense: Not reported · Firm income: $320,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC)

Catastrophe Savings Accounts: S. 927 - Catastrophe Savings Accounts Act of 2007 H.R 1787 - Catastrophe Savings Accounts Act of 2007 Health Insurance Tax Deductions for Small Businesses: H.R. 3660 - Equity for Our Nation's Self Employed Act of 2007 S. 2339 - Equity for Our Nation's Self Employed Act of 2007 H.R. 914 - Tax Equity & Affordability Act of 2007 Alternative Minimum Tax: H.R. 1366 - Individual Alternative Minimum Tax Repeal Act of 2007 S. 55 - Individual Alternative Minimum Tax Repeal Act of 2007 Small Business Tax Deductions: H.R. 976 - Small Business Tax Relief Act of 2007 Tax Treatment of Passive Income from Partnerships: H.R. 2834 - To amend the Internal Revenue Code of 1986 to treat income received by partners for performing investment management services as ordinary income received for the performance of services. S. 1624 / H.R. 2785 - To amend the Internal Revenue Code of 1986 to provide that the exception from the treatment of publicly traded partnerships as corporations for partnerships with passive-type income shall not apply to partnerships directly or indirectly deriving income from providing investment adviser and related asset management services. Tax Treatment of Environmental Remediation Costs: H.R. 1753 - To amend the Internal Revenue Code of 1986 to make the expensing of environmental remediation costs permanent law and to repeal the recapture of such expenses under section 1245 of such Code. Taxation of Property Depreciation: H.R. 2014 - Leasehold Improvement Depreciation Act of 2007 H.R. 3996 - Temporary Tax Relief Act of 2007 Homeownership Tax Credits: H.R.3221 - Foreclosure Prevention Act of 2008 (Sections pertaining to Homeownership Tax Credit) S. 2566 - A bill to amend the Internal Revenue Code of 1986 to provide a Federal income tax credit for certain home purchases. Energy Tax Credits: H.R. 5351 - Renewable Energy and Energy Conservation Tax Act of 2008 H.R. 6049 - Energy and Tax Extenders Act of 2008 Other Issues: Like-kind Exchange: H.R. 2419 -- Farm Bill Extension Act of 2007 Foreign Investors in Real Property Provisions: H.R. 3221 - Foreclosure Prevention Act of 2008 (Provisions pertaining to foriegn investment in real estate)

H.R. 3221, H.R. 5720, S. 2566, tax credits for home purchase

Client expense: Not reported · Firm income: $50,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 3221, H.R. 5720, S. 2566, tax credits for home purchase

Client expense: Not reported · Firm income: $50,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 2380, Death Tax Repeal Permanency Act of 2007 H.R. 2, Fair Minimum Wage Act of 2007 (S corp. and small business tax relief provisions) H.R. 976, Small Business Tax Relief Act of 2007 H.R. 4840, S Corporation Modernization Act of 2007 HR 1869, Community Banks Serving Their Communities First Act S. 1405, Community Banks Serving Their Communities First Act HR 3648, Mortgage Forgiveness Debt Relief Act (mortgage debt tax reform) HR 5720, Housing Assistance Tax Act of 2008 S.1988, First-Time Homebuyers' Tax Credit Act of 2007 HR 5140, Recovery Rebates and Economic Stimulus for the American People Act of 2008 (small business provisions) S 2566, Homebuyer Tax Credit HR 6275 Alternative Minimum Tax Relief Act HR 6049 Renewable Energy and Job Creation Act (small business provisions) S. 2886 AMT and Extenders Tax Relief Act HR 3874 Small Business Growth and Opportunity Act

Client expense: $1,240,000 · Firm income: Not reported

Government targets: Agriculture, Dept of (USDA), Export-Import Bank of the United States (EXIM Bank), Farm Credit Administration, Federal Deposit Insurance Corporation (FDIC), Federal Housing Finance Agency (FHFA), 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, Small Business Administration (SBA), Treasury, Dept of

H.R. 1677 - Taxpayer Protection Act of 2007 - Amends Internal Revenue Code provisions relating to tax administration and taxpayer protections including an alternative procedure for furnishing a non-foreign affidavit in connection with the sale of a U.S. real property interest. H.R. 1813 - Amends the Internal Revenue Code to make permanent the tax deduction for mortgage insurance premiums. H.R. 1850 - Housing America's Workforce Act - Amends the Internal Revenue Code to allow employers a business tax credit for up to 50 percent of the qualified housing expenses paid for the benefit of their employees. Defines "qualified housing expenses" to include homeownership assistance and rental assistance. Limits the amount of such credit to the lesser of $10,000 or six percent of an employee's home purchase price, or up to $2,000 for rental assistance. Excludes from employee gross income the value of employer-paid housing assistance. H.R. 2014 - Leasehold Improvement Depreciation Act of 2007 - Amends the Internal Revenue Code to: (1) make permanent the accelerated depreciation of qualified leasehold improvement property (i.e., a 15-year recovery period); and (2) modify the rule for determining the adjustment to earnings and profits for depreciation of such property. H.R. 2419 - Farm Bill Extension Act of 2007 - includes a provision that would catagorize what is considered a "like-kind" exchange under IRS section 1031. It would prohibit as like-kind the exchange of improved property for non-improved farm land. H.R. 2834 - Amends the Internal Revenue Code to treat as ordinary income income received by a partner from an investment services partnership interest; also known as carried interest. H.R. 3221 - Housing bill which includes a $7000 tax rebate for homeowners who purchase a foreclosed home as well as a provision that allows for carryback losses in taxes, includes a FIRPTA fix that would allow escrow to hold documents, and allows for the use of mortgage bonds to refinance qualified subprime loans. H.R. 3997 - Defenders of Freedom Tax Relief Act of 2007 - Amends the Internal Revenue Code to provide tax benefits and incentives for military personnel, makes permanent the exemption from the first-time homebuyer rule for veterans using mortgage revenue bonds to purchase a residence, increases the issuance limits on mortgage revenue bonds for veterans in Alaska, Oregon, and Wisconsin to $100 million after 2009, and revises the definition of "qualified veteran" for mortgage bond financing eligibility purposes to eliminate the pre-1977 active duty requirement and to reduce the eligibility period to 25 years. H.R. 5643 - First-Time Homebuyers' Tax Credit Act of 2008 - Amends the Internal Revenue Code to allow an income-based, one-time refundable tax credit for first-time homebuyers of ten percent of a principal residence's purchase price ($3,000 maximum credit, $6,000 maximum credit for joint filers). H.R. 5565 - 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. 5720 - Housing Assistance Tax Act of 2008 - Amends the Internal Revenue Code relating to the low-income housing tax credit, tax-exempt housing bonds, real estate investment trusts (REITs) and to provide assistance to first-time home buyers and home owners. Allows first-time home buyers a refundable tax credit for 10% of the purchase price of a principal residence, up to $7,500; and (2) individual taxpayers who claim the standard deduction an additional deduction from gross income for state and local real property taxes. Modifies rules relating to REITs to: (1) treat passive foreign exchange gains attributable to overseas real estate investment as qualifying REIT income; (2) increase from 20 to 25% the the maximum value of an REIT's total assets that may be represented by securities of one or more taxable REIT subsidiaries; (3) revise safe harbor rules for the excise tax penalty on certain REIT sales activities; and (4) treat rental payments made by a health care facility to an REIT as qualifying REIT income. H.R. 6049 - Renewable Energy and Job Creation Act of 2008 -Amends the Internal Revenue Code to provide tax incentives for energy production and conservation, to extend expiring tax provisions, and to extend tax benefits to individual and business taxpayers. This includes: the deduction of state and local taxes, use of mortgage bonds to refinance residences for veterans, 15-year leasehold improvement deduction, brownfield deduction, and includes a new standard property tax deduction of $350 ($700 for married individuals filing a joint tax return). H.R. 6081 - Heroes Earning Assistance and Relief Tax Act of 2008 -Amends the Internal Revenue Code to provide tax benefits and incentives for military personnel, makes permanent the exemption from the first-time homebuyer rule for veterans using mortgage revenue bonds to purchase a residence, increases the issuance limits on mortgage revenue bonds for veterans in Alaska, Oregon, and Wisconsin to $100 million after 2009, and revises the definition of "qualified veteran" for mortgage bond financing eligibility purposes to eliminate the pre-1977 active duty requirement and to reduce the eligibility period to 25 years. H.R. 6275 - Alternative Minimum Tax Relief Act of 2008 - Amends the Internal Revenue Code to: (1) increase and extend through 2008 the alternative minimum tax (AMT) exemption amounts; (2) extend through 2008 the offset of certain nonrefundable personal tax credits against regular and AMT tax liabilities; (3) treat net income and loss from an investment services partnership interest as ordinary income and loss. S. 1078 - Housing America's Workforce Act - Amends the Internal Revenue Code to allow employers a business tax credit for up to 50 percent of the qualified housing expenses paid for the benefit of their employees. Defines "qualified housing expenses" to include homeownership assistance and rental assistance. Limits the amount of such credit to the lesser of $10,000 or six percent of an employee's home purchase price, or up to $2,000 for rental assistance. Excludes from employee gross income the value of employer-paid housing assistance. S. 1361 - Leasehold Improvement Depreciation Act of 2007 - Amends the Internal Revenue Code to: (1) make permanent the accelerated depreciation of qualified leasehold improvement property (i.e., a 15-year recovery period); and (2) modify the rule for determining the adjustment to earnings and profits for depreciation of such property. S. 1416 - Amends the Internal Revenue Code to make permanent the tax deduction for mortgage insurance premiums. S. 1624 - Amends the Internal Revenue Code to treat as corporations for income tax purposes certain publicly traded partnerships which directly or indirectly derive income or gain from providing services as an investment adviser (as defined by the Investment Advisers Act of 1940) or asset management services. S. 1988 - First-Time Homebuyers' Tax Credit Act of 2007 - Amends the Internal Revenue Code to allow an income-based, one-time refundable tax credit for first-time homebuyers of ten percent of a principal residence's purchase price ($3,000 maximum credit, $6,000 maximum credit for joint filers). S. 2566 - 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.

P.L. 110-172The Tax Technical Corrections Act of 2007 P.L. 110-185The Recovery Rebates and Economic Stimulus for the American People Act of 2008 S 2566To Amend the Internal Revenue Code of 1986 to Provide A Federal Income Tax Credit for certain home purchases H.R. 3997Heroes Earnings Assistance and Relief Act of 2007 H.R. 2419Farm, Nutrition, and Bioenergy Act of 2007 S.2566 A bill to amend the Internal Revenue Code of 1986 to provide a Federal income tax credit for certain home purchases. H.R.5670 To amend the Internal Revenue Code of 1986 to provide a Federal income tax credit for certain home purchases. S.2821 A bill to amend the Internal Revenue Code of 1986 to provide for the limited continuation of clean energy production incentives and incentives to improve energy efficiency in order to prevent a downturn in these sectors that would result from a lapse in the tax law.

Client expense: $280,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Catastrophe Savings Accounts: S. 927 - Catastrophe Savings Accounts Act of 2007 H.R 1787 - Catastrophe Savings Accounts Act of 2007 Health Insurance Tax Deductions for Small Businesses: H.R. 3660 - Equity for Our Nation's Self Employed Act of 2007 S. 2339 - Equity for Our Nation's Self Employed Act of 2007 H.R. 914 - Tax Equity & Affordability Act of 2007 Alternative Minimum Tax: H.R. 1366 - Individual Alternative Minimum Tax Repeal Act of 2007 S. 55 - Individual Alternative Minimum Tax Repeal Act of 2007 Small Business Tax Deductions: H.R. 976 - Small Business Tax Relief Act of 2007 Tax Treatment of Passive Income from Partnerships: H.R. 2834 - To amend the Internal Revenue Code of 1986 to treat income received by partners for performing investment management services as ordinary income received for the performance of services. S. 1624 / H.R. 2785 - To amend the Internal Revenue Code of 1986 to provide that the exception from the treatment of publicly traded partnerships as corporations for partnerships with passive-type income shall not apply to partnerships directly or indirectly deriving income from providing investment adviser and related asset management services. Tax Treatment of Environmental Remediation Costs: H.R. 1753 - To amend the Internal Revenue Code of 1986 to make the expensing of environmental remediation costs permanent law and to repeal the recapture of such expenses under section 1245 of such Code. Taxation of Property Depreciation: H.R. 2014 - Leasehold Improvement Depreciation Act of 2007 H.R. 3996 - Temporary Tax Relief Act of 2007 Extension of Low-income Tax Credits to Victims of Gulf Coast Hurricanes: H.R. 1562 - Katrina Housing Relief Act of 2007 Internet Tax Moratorium Extension: H.R. 3678 - Internet Tax Freedom Act Amendment Act of 2007 Homeownership Tax Credits: H.R.3221 - Foreclosure Prevention Act of 2008 (Sections pertaining to Homeownership Tax Credit S. 2566 - A bill to amend the Internal Revenue Code of 1986 to provide a Federal income tax credit for certain home purchases.

H.R. 3221, H.R. 5720, S. 2566, tax credits for home purchase.

Client expense: Not reported · Firm income: $70,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 3221, H.R. 5720, S. 2566, tax credits for home purchase.

Client expense: Not reported · Firm income: $70,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 2380, Death Tax Repeal Permanency Act of 2007 H.R. 2, Fair Minimum Wage Act of 2007 (S corp. and small business tax relief provisions) H.R. 976, Small Business Tax Relief Act of 2007 H.R. 4840, S Corporation Modernization Act of 2007 H.R. 2206, U.S. Troop Readiness, Veterans' Care, Katrina Recovery, and Iraq Accountability Appropriations Act, 2007 (S corp. and small buiness tax relief provisions) H.R. 1869, Community Banks Serving Their Communities First Act S. 1405, Community Banks Serving Their Communities First Act H.R. 1365, Corporate AMT Repeal H.R. 1112, Stealth Tax Relief Extension Act of 2007 (Alternative minimum tax relief extension) HR 3648, Mortgage Forgiveness Debt Relief Act (mortgage debt tax reform) HR 4351, AMT Relief Act S 55, Individual Alternative Minimum Tax Repeal Act of 2007 HR 1366, Individual AMT Repeal Act of 2007 HR 5720, Housing Assistance Tax Act of 2008 S.1988, First-Time Homebuyers' Tax Credit Act of 2007 HR 5140, Recovery Rebates and Economic Stimulus for the American People Act of 2008 S 2566, Homebuyer Tax Credit

Client expense: $820,000 · Firm income: Not reported

P.L. 110-172The Tax Technical Corrections Act of 2007 P.L. 110-185The Recovery Rebates and Economic Stimulus for the American People Act of 2008 S 2566To Amend the Internal Revenue Code of 1986 to Provide A Federal Income Tax Credit for certain home purchases H.R. 3997Heroes Earnings Assistance and Relief Act of 2007 H.R. 2419Farm, Nutrition, and Bioenergy Act of 2007 S.2566 A bill to amend the Internal Revenue Code of 1986 to provide a Federal income tax credit for certain home purchases. H.R.5670 To amend the Internal Revenue Code of 1986 to provide a Federal income tax credit for certain home purchases. S.2821 A bill to amend the Internal Revenue Code of 1986 to provide for the limited continuation of clean energy production incentives and incentives to improve energy efficiency in order to prevent a downturn in these sectors that would result from a lapse in the tax law.

Client expense: $280,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 1677 - Taxpayer Protection Act of 2007 - Amends Internal Revenue Code provisions relating to tax administration and taxpayer protections including an alternative procedure for furnishing a non-foreign affidavit in connection with the sale of a U.S. real property interest. H.R. 1147 - REIT Investment Diversification and Empowerment Act of 2007 - Amends Internal Revenue Code provisions relating to real estate investment trusts (REITs) to: (1) treat passive foreign exchange gains attributable to overseas real estate investment as qualifying REIT income; (2) increase from 20 to 25% the maximum value of a REIT's total assets than may be represented by securities of one or more taxable REIT subsidiaries; (3) revise safe harbor rules for the excise tax penalty on certain REIT sales activities; (4) treat rental payments made by a health care facility to a REIT as qualifying REIT income; and (5) treat income from, and interests in, foreign-qualified REITs as qualifying REIT income and assets. H.R. 1813 - Amends the Internal Revenue Code to make permanent the tax deduction for mortgage insurance premiums. H.R. 1850 - Housing America's Workforce Act - Amends the Internal Revenue Code to allow employers a business tax credit for up to 50 percent of the qualified housing expenses paid for the benefit of their employees. Defines "qualified housing expenses" to include homeownership assistance and rental assistance. Limits the amount of such credit to the lesser of $10,000 or six percent of an employee's home purchase price, or up to $2,000 for rental assistance. Excludes from employee gross income the value of employer-paid housing assistance. H.R. 2014 - Leasehold Improvement Depreciation Act of 2007 - Amends the Internal Revenue Code to: (1) make permanent the accelerated depreciation of qualified leasehold improvement property (i.e., a 15-year recovery period); and (2) modify the rule for determining the adjustment to earnings and profits for depreciation of such property. H.R. 2419 - Farm Bill Extension Act of 2007 - includes a provision that would catagorize what is considered a "like-kind" exchange under IRS section 1031. It would prohibit as like-kind the exchange of improved property for non-improved farm land. H.R. 2834 - Amends the Internal Revenue Code to treat as ordinary income income received by a partner from an investment services partnership interest; also known as carried interest. H.R. 3221 - Housing bill which includes a $7000 tax rebate for homeowners who purchase a foreclosed home as well as a provision that allows for carryback losses in taxes. H.R. 5643 - First-Time Homebuyers' Tax Credit Act of 2008 - Amends the Internal Revenue Code to allow an income-based, one-time refundable tax credit for first-time homebuyers of ten percent of a principal residence's purchase price ($3,000 maximum credit, $6,000 maximum credit for joint filers). H.R. 5565 - 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. S. 1078 - Housing America's Workforce Act - Amends the Internal Revenue Code to allow employers a business tax credit for up to 50 percent of the qualified housing expenses paid for the benefit of their employees. Defines "qualified housing expenses" to include homeownership assistance and rental assistance. Limits the amount of such credit to the lesser of $10,000 or six percent of an employee's home purchase price, or up to $2,000 for rental assistance. Excludes from employee gross income the value of employer-paid housing assistance. S. 1361 - Leasehold Improvement Depreciation Act of 2007 - Amends the Internal Revenue Code to: (1) make permanent the accelerated depreciation of qualified leasehold improvement property (i.e., a 15-year recovery period); and (2) modify the rule for determining the adjustment to earnings and profits for depreciation of such property. S. 1416 - Amends the Internal Revenue Code to make permanent the tax deduction for mortgage insurance premiums. S. 1624 - Amends the Internal Revenue Code to treat as corporations for income tax purposes certain publicly traded partnerships which directly or indirectly derive income or gain from providing services as an investment adviser (as defined by the Investment Advisers Act of 1940) or asset management services. S. 1988 - First-Time Homebuyers' Tax Credit Act of 2007 - Amends the Internal Revenue Code to allow an income-based, one-time refundable tax credit for first-time homebuyers of ten percent of a principal residence's purchase price ($3,000 maximum credit, $6,000 maximum credit for joint filers). S. 2566 - 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.