Midwestern Disaster Tax Relief Act of 2008

[AI summary unavailable — showing source text] Midwestern Disaster Tax Relief Act of 2008 - Amends the Internal Revenue Code to provide tax benefits to individuals affected by presidentially-declared natural disasters (i.e., severe storms, tornadoes, or flooding) in the states of Arkansas, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, and Wisconsin on or after May 20, 2008, and before August 1, 2008 (Midwestern disaster area). Makes specified provisions of the Internal Revenue Code, which currently apply only to residents of the Gulf Opportunity Zone and the Hurricane Katrina disaster area, applicable to the Midwestern disaster area, including: (1) tax-exempt bond financing, the low-income housing tax credit, accelerated depreciation and increased expensing of business assets, an increase in the rehabilitation tax credit, extended carryback of net operating losses, and investment in tax credit bonds; (2) increased tax deductions for tuition and related educational expenses; (3) expensing of environmental remediation costs and demolition and cleanup costs; (4) tax incentives for employer-provided housing; (5) tax-free withdrawals from retirement accounts and recontributions for home purchases; (6) emp…