TaxNewsFlash-Exempt Organizations

April 8, 2008
No. 2008-36

Pending Bills Include Proposals to Remove Cell Phones from Listed Property and to Delay the Withholding Rules on Government Payments

The House Ways and Means Committee has released “chairman’s marks” of two bills to be considered Wednesday, April 9, 2008: a housing stimulus bill and a taxpayer simplification bill.

The Housing Assistance Tax Act of 2008 would provide about $11 billion in expenditures related to housing and real estate, including an increase in available low-income housing credits and exempt housing bonds and modifications of qualified private activity bond rules. Text of the draft of the chairman’s mark has been posted on the Ways and Means Web site: http://waysandmeans.house.gov/media/pdf/110/housingtext.pdf

The Taxpayer Assistance and Simplification Act of 2008 contains 20 provisions, including measures that would remove cell phones and similar equipment from listed property (for background, see TaxNewsFlash-Exempt Organizations 2008-18), and a one-year delay of application of a withholding requirement on certain governmental payments for goods and services (for background, see TaxNewsFlash-Exempt Organizations 2008-21). Text of the chairman’s mark is also available on the Ways and Means Web site: http://waysandmeans.house.gov/media/pdf/110/Taxpayertext.pdf

If approved by the Ways and Means Committee, the bills would be sent to the House for its consideration. Both bills would need to be approved by the House and the Senate and then signed by the President before their provisions could be enacted into law.

For more information, contact Rick Speizman, National Partner-In-Charge, KPMG’s Exempt Organizations Tax Practice (ExoTax), at (202) 533-3084 or rspeizma@kpmg.com

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