Universal Homeowner Tax Cut Act of 2008

Summary

Universal Homeowner Tax Cut Act of 2008 - Amends the Internal Revenue Code to: (1) allow individual taxpayers who do not otherwise itemize a deduction from gross income for up to $1,000 of their state and local real property taxes; (2) require the inclusion in gross income of deferred compensation paid by certain foreign corporations; (3) set forth rules for the application of the economic substance doctrine for evaluating transactions affecting federal income tax liability; and (4) assess new penalties for underpayments of tax attributable to transactions lacking economic substance.

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Timeline

1. 15 April 2008

   Introduced

   Introduced in House

   Source: IntroReferral

2. 15 April 2008

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

3. 15 April 2008

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 15 April 2008 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 15 April 2008

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 15 April 2008

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 15 April 2008

  Open at official source

Sponsors

• Rep. Foster, Bill [D-IL-11] · D · Sponsor
• · hswm00 · Standing

Related records

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