Senate Passes Housing Legislation

On April 10, 2008, the Senate passed the Foreclosure Prevention Bill of 2008 (HR 3221) by a vote of 84 to 12. The legislation includes a $7,000 tax credit for buyers of homes in foreclosure, a real property tax deduction of up to $1,000 for non-itemizers, an extension of the net operating loss carryback, an expansion of the cap on tax-exempt private activity bonds, and extensions of the renewable energy production tax credit and the solar energy and fuel cell investment tax credit.

The House is working on a different version of the legislation. The Administration does not support the legislation but has not issued a veto threat.