S. 12 would promote home ownership, manufacturing, and economic growth.

== Detailed Summary ==

<summary>
(LogHomeownership, 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 editactive 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 wikiincreased 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 beexcise 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 firstEconomic 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 provide25%.

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 detailed summarytax credit for the purchase of residences facing foreclosure.

Amends the bill!)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.
</summary>

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== Status of the Legislation ==

<status>
(Log in to editLatest Major Action: 3/3/2008: Read the wiki and be the first to update the status of the bill!)second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 587.
</status>

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== Points in Favor ==

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== Points Against ==

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