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preferred stock held by the financial institution on September 6, 2008 or sold or exchanged by that
institution on or after January 1, 2008 and before September 7, 2008.
October 2008
Section 302 - Special Rules for Tax Treatment of Executive Compensation of Employers
Participating in the Troubled Assets Relief Program.
Applies limits on deductions and other tax treatment of executive compensation and golden parachutes for
certain executives of employers who participate in the auction program.
Section 303 - Extension of Exclusion of Income from Discharge of Qualified Principal Residence
Indebtedness.
Extends current law tax forgiveness on the cancellation of mortgage debt.
Alternative Minimum Tax (AMT) Relief and Tax Extenders
TITLE I--ALTERNATIVE MINIMUM TAX RELIEF
Sec. 101. Extension of alternative minimum tax relief for nonrefundable personal credits.
Sec. 102. Extension of increased alternative minimum tax exemption amount.
Sec. 103. Increase of AMT refundable credit amount for individuals with long-term unused credits
for prior year minimum tax liability, etc.
TITLE II--EXTENSION OF INDIVIDUAL TAX PROVISIONS
Sec. 201. Deduction for State and local sales taxes.
Sec. 202. Deduction of qualified tuition and related expenses.
Sec. 203. Deduction for certain expenses of elementary and secondary school teachers.
Sec. 204. Additional standard deduction for real property taxes for nonitemizers.
Sec. 205. Tax-free distributions from individual retirement plans for charitable purposes.
Sec. 206. Treatment of certain dividends of regulated investment companies.
Sec. 207. Stock in RIC for purposes of determining estates of nonresidents not citizens.
Sec. 208. Qualified investment entities.
TITLE III--EXTENSION OF BUSINESS TAX PROVISIONS
Sec. 301. Extension and modification of research credit.
Sec. 302. New markets tax credit.
Sec. 303. Subpart F exception for active financing income.
Sec. 304. Extension of look-thru rule for related controlled foreign corporations.
AMERICAN BANKERS ASSOCIATION 10