Cornyn Announces Support For New Pro-Growth Package At Montgomery County Economic Outlook Conference

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Cornyn Announces Support For New Pro-Growth Package At Montgomery County Economic Outlook Conference

U.S. Sen. John Cornyn, a member of the Senate Budget Committee, today delivered the keynote address for the 22nd Annual Economic Outlook Conference, sponsored by the South Montgomery County Woodlands Chamber of Commerce. Sen. Cornyn announced his support for a new economic growth plan, which includes tax relief for Texas families and businesses, and various incentives to boost the economy and a struggling housing market. Specifically, the Home Ownership, Manufacturing, and Economic Growth (HOME) Act, includes a provision similar to legislation cosponsored by Sen. Cornyn that would provide a three-year, $15,000 tax credit to individuals who purchase a new, unoccupied or foreclosed home.

"As we work in the Senate to prevent a national economic downturn, I have the benefit of looking to my home state of Texas for pro-growth ideas that work. In Texas, communities like The Woodlands are contributing to a strong state economy that currently outpaces national economic growth," Sen. Cornyn said. "To deliver a boost to the national economy, and continue strong growth and job opportunity in Texas, I'm pleased to announce my support for the HOME Act, a new economic incentives package in the Senate. This plan serves as a stronger alternative to the Democrat proposal, which is loaded with more money for bloated Washington programs, more government regulations and will led to unnecessary and costly litigation.

"Among other tax and regulatory relief provisions, this pro-growth package includes a proposal I have supported in the past to provide a $15,000 tax credit to individuals who purchase a new, unoccupied or foreclosed home. I'm confident this housing tax credit, along with other common-sense provisions in the package, will serve as a much-needed shot in the arm for our economy, and I urge my colleagues in the Senate to join me in supporting this plan."

The HOME Act would also allow state housing agencies to issue $10 billion in tax-exempt bonds and use the proceeds to refinance subprime mortgages.

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