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H.R. 5962, The Keep Our Homes Act of 2008
- This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.
Version saved on May 18, 2008, 19:30:34, by webmaster:
H.R. 5962 would amend the Internal Revenue Code of 1986 to provide temporary housing related tax relief for individuals.
Detailed Summary
Keep Our Homes Act of 2008 - Amends the Internal Revenue Code to allow: (1) a tax deduction through 2012 for mortgage counseling costs; (2) a tax deduction through 2009 for amounts, up to $5,000, of mortgage indebtedness in excess of the assessed value of a principal residence; (3) a one-time tax credit for a percentage of the purchase price of a principal residence; (4) nonitemizing taxpayers a tax deduction in 2008 or 2009 for real property taxes; and (5) an exclusion from gross income for unemployment compensation received in 2008 or 2009.
Status of the Legislation
Latest Major Action: 5/5/2008: Referred to House committee. Status: Referred to the House Committee on Ways and Means.
Points in Favor
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Points Against
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Visitor Comments
Joyce
September 9, 2008, 5:16pm (report abuse)I think that a tax credit for the purchasers of a primary residence would actually stimulate the housing market and the economy in turn.
HR 5962