http://www.washingtonwatch.com/bills info@washingtonwatch.com http://www.pjdoland.com/chai/?v=0.1 http://www.washingtonwatch.com/bills/history/110_SN_12.html?rev=23333 <p>S. 12 would promote home ownership, manufacturing, and economic growth.</p> <h2 id="toc0"> Detailed Summary </h2> <p>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.</p> <p>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.</p> <p>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.</p> <p>Reduces the maximum corporate income tax rate to 25%.</p> <p>Requires the SEC to take certain actions to assist businesses, including reviews of its rulemaking processes and of the impact of excessive litigation.</p> <p>Allows use of mortgage revenue bonds for refinancing subprime loans. Allows a tax credit for the purchase of residences facing foreclosure.</p> <p>Amends the Truth in Lending Act to expand disclosure requirements for mortgage loans.</p> <p>Sets forth provisions relating to lawsuits against small businesses deemed frivolous and places restrictions on attorney fees and scientific testimony in federal civil cases.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc1"> Status of the Legislation </h2> <p>Latest Major Action: 3/3/2008: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 587.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc2"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc3"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 23333@http://www.washingtonwatch.com Fri, 02 May 2008 18:57:35 EDT http://www.washingtonwatch.com/bills/history/110_SN_12.html?rev=20039 <p>S. 12 would promote home ownership, manufacturing, and economic growth.</p> <h2 id="toc4"> Detailed Summary </h2> <p>(Log in to edit the wiki and be the first to provide a detailed summary of the bill!)</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc5"> Status of the Legislation </h2> <p>(Log in to edit the wiki and be the first to update the status of the bill!)</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc6"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc7"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 20039@http://www.washingtonwatch.com Fri, 14 Mar 2008 03:00:01 EDT http://www.washingtonwatch.com/bills/history/110_SN_12.html?rev=20040 <p>S. 12 would promote home ownership, manufacturing, and economic growth.</p> <h2 id="toc8"> Detailed Summary </h2> <p>(Log in to edit the wiki and be the first to provide a detailed summary of the bill!)</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc9"> Status of the Legislation </h2> <p>Latest Major Action: 3/3/2008: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 587.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc10"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc11"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 20040@http://www.washingtonwatch.com Fri, 14 Mar 2008 03:00:01 EDT