H.R. 1562, Katrina Housing Tax Relief Act

3.0.0 1562 2023-01-11T19:51:33Z 2023-01-11T19:51:33Z House H HR 2007-03-19 110 ssfi00 Finance Committee Senate Standing Referred to 2007-03-28T22:37:26Z hswm00 Ways and Means Committee House Standing Reported by 2007-03-23T19:05:23Z Markup by 2007-03-21T18:47:04Z Referred to 2007-03-19T16:31:05Z H. Rept. 110-66 2007-03-28 ssfi00 Finance Committee Senate Received in the Senate and Read twice and referred to the Committee on Finance. IntroReferral 2007-03-27 19:57:48 Motion to reconsider laid on the table Agreed to without objection. Floor H38310 2 House floor actions 2007-03-27 19:57:44 On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3150) Floor H37300 2 House floor actions 2007-03-27 19:57:44 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) Floor 8000 9 Library of Congress 2007-03-27 19:35:20 DEBATE - The House proceeded with forty minutes of debate on H.R. 1562. Floor H8D000 2 House floor actions 2007-03-27 19:35:16 Considered under suspension of the rules. (consideration: CR H3150-3153) Floor H30000 2 House floor actions 2007-03-27 19:34:39 Mr. Rangel moved to suspend the rules and pass the bill, as amended. Floor H30300 2 House floor actions 2007-03-23 Placed on the Union Calendar, Calendar No. 37. Calendars H12410 2 House floor actions U00037 2007-03-23 Reported (Amended) by the Committee on Ways and Means. H. Rept. 110-66. Committee H12200 2 House floor actions hswm00 Ways and Means Committee 2007-03-23 Reported (Amended) by the Committee on Ways and Means. H. Rept. 110-66. Committee 5000 9 Library of Congress hswm00 Ways and Means Committee 2007-03-21 hswm00 Ways and Means Committee 1 House committee actions Ordered to be Reported (Amended) by Voice Vote. Committee 2007-03-21 hswm00 Ways and Means Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2007-03-19 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2007-03-19 Introduced in House IntroReferral Intro-H 9 Library of Congress 2007-03-19 Introduced in House IntroReferral 1000 9 Library of Congress R000053 Rep. Rangel, Charles B. [D-NY-15] CHARLES RANGEL D NY B. 15 N M000388 Rep. McCrery, Jim [R-LA-4] JIM MCCRERY R LA 4 2007-03-19 True L000287 Rep. Lewis, John [D-GA-5] JOHN LEWIS D GA 5 2007-03-19 True 2007-03-23T04:00:00Z H.R. 1562, Katrina Housing Tax Relief Act http://www.cbo.gov/publication/18466 <p>Cost estimate for the bill as ordered reported by the House Committee on Ways and Means on March 21, 2007</p> 2007-03-23T04:00:00Z H.R. 1562, Katrina Housing Tax Relief Act https://www.cbo.gov/publication/18466 Cost estimate for the bill as ordered reported by the House Committee on Ways and Means on March 21, 2007 Taxation 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 Taxation

00 2007-03-19 Introduced in House 2007-03-27T15:36:54Z 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.

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17 2007-03-23 Reported to House with amendment(s) 2007-03-27T15:43:24Z 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.

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36 2007-03-27 Passed House amended 2007-04-04T20:19:26Z 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.

Denies a pre-levy hearing to taxpayers upon whom the Secretary of the Treasury has served a disqualified employment tax levy. Defines a "disqualified employment tax levy" 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.

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Katrina Housing Tax Relief Act of 2007 Official Title as Introduced To amend the Internal Revenue Code of 1986 to extend and expand certain rules with respect to housing in the GO Zones. Introduced in House IH Display Title Katrina Housing Tax Relief Act of 2007 Short Titles as Introduced Katrina Housing Tax Relief Act of 2007 Short Titles as Reported to House Katrina Housing Tax Relief Act of 2007 H House Short Titles as Passed House Katrina Housing Tax Relief Act of 2007 H House Referred in Senate 2007-03-28T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr1562rfs/xml/BILLS-110hr1562rfs.xml Engrossed in House 2007-03-27T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr1562eh/xml/BILLS-110hr1562eh.xml Reported in House 2007-03-23T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr1562rh/xml/BILLS-110hr1562rh.xml Introduced in House 2007-03-19T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr1562ih/xml/BILLS-110hr1562ih.xml 2007-03-28 Received in the Senate and Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.