3.0.0 12 2022-02-03T05:09:45Z 2022-02-08T17:27:15Z Senate S S 2008-02-29 110 A bill to amend the Internal Revenue Code of 1986 to provide a Federal income tax credit for certain home purchases. 110 2566 S 2008-01-29 Read twice and referred to the Committee on Finance. Related bill CRS 2008-03-03 Senate Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 587. Calendars 2008-02-29 Senate Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time. (text of measure as introduced: CR S1420-1432) Calendars 2008-02-29 Introduced in Senate IntroReferral 10000 9 Library of Congress M000355 Sen. McConnell, Mitch [R-KY] Mitch McConnell R KY N A000360 Sen. Alexander, Lamar [R-TN] Lamar Alexander R TN 2008-02-29 True A000109 Sen. Allard, Wayne [R-CO] A. ALLARD R CO WAYNE 2008-02-29 True B000611 Sen. Bond, Christopher S. [R-MO] CHRISTOPHER BOND R MO S. 2008-02-29 True B001066 Sen. Bunning, Jim [R-KY] JIM BUNNING R KY 2008-02-29 True C001056 Sen. Cornyn, John [R-TX] John Cornyn R TX 2008-02-29 True C000858 Sen. Craig, Larry E. [R-ID] LARRY CRAIG R ID EDWIN 2008-02-29 True D000601 Sen. Dole, Elizabeth [R-NC] Elizabeth Dole R NC H. 2008-02-29 True E000285 Sen. Enzi, Michael B. [R-WY] MICHAEL ENZI R WY B. 2008-02-29 True G000386 Sen. Grassley, Chuck [R-IA] Charles Grassley R IA E. 2008-02-29 True G000445 Sen. Gregg, Judd [R-NH] Judd Gregg R NH 2008-02-29 True H001016 Sen. Hutchison, Kay Bailey [R-TX] KAY HUTCHISON R TX BAILEY 2008-02-29 True I000024 Sen. Inhofe, James M. [R-OK] Jim Inhofe R OK 2008-02-29 True I000055 Sen. Isakson, Johnny [R-GA] Johnny Isakson R GA 2008-02-29 True R000307 Sen. Roberts, Pat [R-KS] PAT ROBERTS R KS 2008-02-29 True H000338 Sen. Hatch, Orrin G. [R-UT] ORRIN HATCH R UT GRANT 2008-02-29 True C001057 Sen. Coleman, Norm [R-MN] Norm Coleman R MN 2008-03-05 False Taxation Administrative procedure Agriculture and Food Alcohol as fuel Alternative energy sources Armed Forces and National Security Automobiles Bonds Charitable contributions Civil actions and liability Coal Commerce Consumer credit Corporation taxes Crime and Law Enforcement Depreciation and amortization Depressed areas Diesel motor District of Columbia Economics and Public Finance Education Educational facilities Electric appliances Elementary and secondary education Energy Energy efficiency Enterprise zones Excise tax Finance and Financial Sector Foreclosure Frivolous lawsuits Government Operations and Politics Home ownership Housing and Community Development Housing finance Income tax Independent regulatory commissions Indian economic development Individual retirement accounts Labor and Employment Law Leases Legal fees Minimum tax Minorities Mortgages Public-private partnerships Railroad engineering Research and development tax credit Restaurants Science, Technology, Communications Securities and Exchange Commission Securities regulation Small business Sports and Recreation Sports facilities Tax administration Tax credits Tax deductions Tax exclusion Tax rates Terrorism Transportation and Public Works Undercover operations Veterans' loans Taxation 00 2008-02-29 Introduced in Senate 2008-05-02T20:21:39Z 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.

]]> HOME Act Short Titles as Introduced Homeownership, Manufacturing, and Economic Growth Act Short Titles as Introduced HOME Act Display Title HOME Act Official Title as Introduced A bill to promote home ownership, manufacturing, and economic growth. Placed on Calendar Senate 2008-03-03T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s12pcs/xml/BILLS-110s12pcs.xml 2008-03-03 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 587. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.