Tax News

CCH (cch.taxgroup.com) reports:

The Senate on July 11 approved by a 63 to 5 margin a housing bill (HR 3221) that contains nearly $14.5 billion in tax relief, clearing the way for the measure to return to the House, which is expected to make minor changes before passage. The Senate and House are expected to quickly concur over the differences and send the legislation to President Bush for his signature.
The unusual late Friday evening roll call vote became necessary when a lone GOP senator objected to a unanimous consent agreement in hopes of cutting a deal on an unrelated piece of legislation. The move forced Democratic leaders to run out the clock on the time allotted for debate before Senate rules would allow the chamber to hold the vote.
A threatened presidential veto could also cause further problems, although the legislation has wide bipartisan support in both chambers and it is anticipated there would be enough votes to override the veto. Also, a Senate provision in the measure that provides $3.9 billion in Community Development Block Grants for communities to buy and repair foreclosed properties will be targeted by budget hawks in the House because the proposal contains no offsets.
By Jeff Carlson, CCH News Staff.