Homeownership, Manufacturing, and Economic Growth Act

A bill to promote home ownership, manufacturing, and economic growth.

2/29/2008--Introduced.
Homeownership, Manufacturing, and Economic Growth Act or the HOME Act - Amends the Internal Revenue Code to extend expiring income, excise, and alternative minimum tax (AMT) provisions and expand other individual and business-related tax incentives. Directs the Securities and Exchange Commission (SEC) to undertake certain initiatives to help small businesses and imposes restrictions on litigation deemed frivolous. Extends through 2009 certain expiring tax provisions affecting individual and business taxpayers, including:
(1) tax credits for nonbusiness energy property, residential energy efficient property, increasing research activities, Indian employment, railroad track maintenance, energy efficient appliances, and investment in new markets;
(2) tax deductions for educational expenses, state and local sales taxes, food and book inventories, and energy efficient commercial buildings;
(3) tax-free distributions from retirement accounts for individuals ordered to active duty and for making charitable contributions;
(4) mortgage revenue bond financing for veterans;
(5) accelerated depreciation for qualified leasehold and restaurant improvements, motorsports racing track facilities, and business property on Indian reservations;
(6) the increased AMT exemption amount;
(7) authority for issuance of qualified zone academy bonds;
(8) tax incentives for investment in the District of Columbia;
(9) income and excise tax credits for alternative fuels, including biodiesel and ethanol fuel from coal; and
(10) Internal Revenue Service (IRS) authorities for disclosing information relating to terrorist activities, combined employment tax reporting, and undercover operations.
Makes permanent tax provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003.
Reduces the maximum corporate income tax rate to 25%.
Requires the SEC to take certain actions to assist businesses, including reviews of its rulemaking processes and of the impact of excessive litigation.
Allows use of mortgage revenue bonds for refinancing subprime loans. Allows a tax credit for the purchase of residences facing foreclosure.
Amends the Truth in Lending Act to expand disclosure requirements for mortgage loans. Sets forth provisions relating to lawsuits against small businesses deemed frivolous and places restrictions on attorney fees and scientific testimony in federal civil cases.


... morehide bill summarySee Full Bill Text

Sponsor

• Sen. Mitch McConnell [R, KY]
• and 16 Co-Sponsors
  • Sen. Lamar Alexander [R, TN]
  • Sen. Wayne Allard [R, CO]
  • Sen. Christopher Bond [R, MO]
  • Sen. Jim Bunning [R, KY]
  • Sen. Norm Coleman [R, MN]
  • Sen. John Cornyn [R, TX]
  • Sen. Larry Craig [R, ID]
  • Sen. Elizabeth Dole [R, NC]
  • Sen. Michael Enzi [R, WY]
  • Sen. Charles Grassley [R, IA]
  • Sen. Judd Gregg [R, NH]
  • Sen. Orrin Hatch [R, UT]
  • Sen. Kay Hutchison [R, TX]
  • Sen. James Inhofe [R, OK]
  • Sen. John Isakson [R, GA]
  • Sen. Pat Roberts [R, KS]
  close

Amendments

This bill has no amendments.

Amendments to S.12

Number	Status	Purpose

Bill Status

Make a Bill Status Widget (Close help)

OpenCongress widgets allow you to display information about bills and issue areas on your own website or blog. First, select which bill or issue you want to track, then customize the appearance of the panel, and finally paste a simple chunk of HTML into your site. Now your community will have an easy, up-to-date way to track the status of important bills and issues in Congress.

Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
February 29, 2008

Show All Actions (3 actions)Hide Actions

All Bill Actions

• Added to calendar on Mar 03, 2008: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 587..
• Feb 29, 2008: Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
• Introduced on Feb 29, 2008.

---

Related Bills:

• S.2566

Data from the Congressional Research Service

Show More User Statistics... Hide User Statistics

In the News

March 31, 2008 Bankruptcy watch

ROGERS William Ray Brown (dba Country Boy Concrete ), 810 S. 12 th St., March 20, Chapter 13. ROMANCE Geraldine Springsteen, 386 Gravel Hill Road, March 26, ...

Was this article useful? Yes or No

Source: Arkansas Democrat Gazette, AR

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

March 09, 2008 Oil & Gas News

WHERE: Kingston Field, S. 12, T. 14N, R. 14W. DAILY PRODUCTION: 1540 mcf gas on 20/64-inch choke; 817 barrels water. PRESSURE: 2700 lbs. ...

Was this article useful? Yes or No

Source: Shreveport Times, LA

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

See most useful news articles

Blog Coverage

August 18, 2008 NEWS: Monday August 18, 2008

Shows are at the Magic Circle Theater located at 420 S. 12th Street. Tickets are $15 dollars for adults, $12 for seniors, and $10 for students. Source: Press Release (Posted 8:44a). Investigators are trying to determine what brought ...

Was this article useful? Yes or No

Source: Colorado Radio - 94 KIX - Real Country...

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

August 15, 2008 NEWS: Friday August 15, 2008

Shows are at the Magic Circle Theater located at 420 S. 12th Street. Tickets are $15 dollars for adults, $12 for seniors, ad $10 for students. Source: PSA. A city of Delta vehicle was parked and unattended when a vehicle ran into it ...

Was this article useful? Yes or No

Source: Colorado Radio - 94 KIX - Real Country...

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

February 28, 2008 S. 12, A bill to promote home ownership, manufacturing, and ...

S. 12 would promote home ownership, manufacturing, and economic growth.... Vote on This Bill: For | Against.

Was this article useful? Yes or No

Source: washingtonwatch.com - Welcome to washingtonwatc...

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

1 more posts...
See most useful blog posts

Information made available by: