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Housing Bill To Get Vote In SenateWASHINGTON — The Senate majority leader, Harry Reid of Nevada, moved Friday to end debate on a bipartisan housing bill intended to aid homeowners in danger of foreclosure and help stabilize the wider real estate market. Mr. Reid’s action set the stage for final action on the bill next Tuesday. Dennis Cook/Associated PressThe Senate majority leader, Harry Reid of Nevada. Earlier Friday, the Senate added to the housing package tax breaks for Gulf Coast residents whose homes were destroyed by Hurricane Katrina and also for struggling manufacturing companies. Both amendments were approved overwhelmingly. The aid for the Gulf Coast, proposed by Senator Mary L. Landrieu, Democrat of Louisiana, will protect residents of Louisiana and Mississippi from having to pay taxes on home-building grants received after the catastrophic hurricane of 2005. That measure was approved 74 to 5. And by 76 to 2, the Senate approved a provision allowing ailing companies to use accumulated tax credits to offset the costs of new plants and equipment. That measure was proposed by Senator George V. Voinovich, Republican of Ohio, a state that has been particularly hard hit by job losses and home foreclosures. The Senate housing package is expected to be a first, modest step by Congress to address the growing onslaught of home foreclosures and wider unrest in the mortgage and housing markets. The bill includes a new standard property tax deduction of up to $1,000 for couples and $500 for individuals that will benefit 28.3 million tax filers who do not itemize deductions on their returns. It also includes $10 billion in tax-exempt bonds for local housing agencies to refinance subprime loans and provide new mortgages for first-time home buyers, $4 billion in grants for local governments to buy foreclosed properties and $100 million to expand counseling for homeowners at risk of defaulting on their loans. In addition, it would give a $7,000 tax credit to purchasers of foreclosed homes and a new tax break for struggling home builders and other businesses, allowing them to claim current losses against taxes paid in prior, more profitable years. Officials said the proposals would cost taxpayers $15 billion to $20 billion. Critics have said that the Senate bill does not do enough to directly aid struggling homeowners, but House Democrats have already vowed more aggressive legislation. Hearings on one such plan, by Representative Barney Frank, Democrat of Massachusetts, are to begin next week. David G. Stout contributed reporting. Tag CloudExternal InformationAdditional InformationNetflix Profit Rises on Increased Subscribers...Taking a whip to New York... A Quick Brunello on the Way to Rome... Maharishi’s Minions Come to Wall Street... Where Am I?News Main Page - Business - Housing Bill To Get Vote In Senate |
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