The Housing Assistance Tax Act of 2008

On July 30, President Bush signed into law the Housing Assistance Tax Act of 2008 (HATA.) Time was running out before Congress' August recess, but with the addition of some provisions to shore up Fannie Mae and Freddie Mac, the bill made it through.

After Hurricane Katrina hit the Gulf Coast, Congress passed The Gulf Opportunity (GO) Zone Act of 2005 which contained a number of tax incentives to help individuals and businesses rebuild. HATA enhances and extends some of those incentives. Taxpayers in affected GO Zone areas may amend prior returns to take into account receipt of hurricane-related recovery grants, and the start-construction deadline for certain property eligible for bonus depreciation in the GO Zone is extended. More >