Tax News
Post details: Senate Agrees to Limit Debate on Housing Bill
06/25/08
Senate Agrees to Limit Debate on Housing Bill
CCH (cch.taxgroup.com) reports:
The Senate on June 24 agreed 83-to-9 to limit debate on a housing stimulus bill (HR 3221). At press time, Senate leaders were still deciding on the timing for substituting their bill, which includes a $14-billion tax title offered by Senate Finance Committee Chairman Max Baucus, D-Mont., and ranking member Charles E. Grassley, R-Iowa, for the House version and limitations on further amendments. The amendment is part of a compromise housing policy bill reached between Senate Banking Committee Chairman Christopher Dodd, D-Conn., and ranking member Richard C. Shelby, R-Ala.
Grassley and a number of cosponsors have filed a tax relief amendment designed to help people and communities in Midwestern states recover from the recent spate of floods and tornados in that region. The Midwestern Disaster Tax Relief bill contains provisions that would let disaster victims withdraw money from retirement plans without tax penalties, suspend limits on tax incentives for charitable contributions, create tax-exempt bond authority to help rebuild infrastructure, remove limitations on deducting casualty losses due to natural disaster, and allow additional depreciation and increased amounts for expensing property to help businesses. Lawmakers are also seeking to offer an amendment that would prevent municipalities from raising property taxes because the legislation provides a new $1,000 property tax deduction for homeowners who do not itemize. The Senate plans to complete final action on the housing measure before beginning a one-week Fourth of July recess on June 27.
By Jeff Carlson, CCH News Staff
SFC Release: Senators Seek Tax Relief for Flood and Tornado Victims in the Midwest
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