Tax News

CCH (cch.taxgroup.com) reports:

  The Senate on July 7 voted 76 to 10 to invoke cloture on a second portion of a housing package, the Foreclosure Prevention Bill of 2008 (HR 3221), leaving open the possibility that the chamber could complete action on the measure by the end of the week of July 7. The Senate on June 25 approved the main portion of the bill, which contains $14 billion in housing tax incentives (TAXDAY, 2008/06/26, C.2).

  Senate Majority Leader Harry Reid, D-Nev., had temporarily suspended debate on the housing legislation prior to the July 4th recess, opting to wait until after Congress returned from the recess because leaders on both sides of the aisle could not agree on how to proceed with amendments. The disagreement arose when Sen. John Ensign, R-Nev., insisted on adding what Democrats considered a nongermane amendment that would add an $8.3 billion package of renewable energy tax extenders to the bill. It remains unclear if Ensign will relent on his insistence on holding a vote on his amendment, potentially forestalling further action on the bill. Democratic leaders contend that the amendment would derail the entire measure as the energy tax incentives are not paid for and would never gain approval in the House.

  By Jeff Carlson, CCH News Staff