Baucus, Grassley Tax Relief for Homeowners, Homebuyers, Homebuilders Passes With Senate Housing Bill
Press Release
BAUCUS, GRASSLEY TAX RELIEF FOR HOMEOWNERS, HOMEBUYERS, HOMEBUILDERS PASSES WITH SENATE HOUSING BILL
Finance leaders clear legislative path to new property tax deduction, credits for buying foreclosed homes, tax help for businesses losing money in economic downturn
Senate Finance Committee Chairman Max Baucus (D-Mont.) and Ranking Member Chuck Grassley (R-Iowa) won passage of important tax relief measures for homeowners, homebuyers, and homebuilders as part of the housing bill approved 84- 12 by the Senate today. The Baucus-Grassley tax provisions, which total $10.9 billion over 10 years, would create an additional standard deduction for property taxes for homeowners who do not itemize their federal taxes, and increase funding for mortgage revenue bonds which will help homeowners and buyers obtain affordable loans. Also included is a substantial credit to buyers of foreclosed homes that will help stabilize local housing markets and property values, and a provision to allow companies losing money - and facing employee layoffs - to write off current losses and bolster struggling operations.
"There is no magic solution to this housing crisis. This is just plain responsible policy to deal with a lot of irresponsible actions that led to serious trouble for so many Americans and for our economy. To respond to this crisis, Senator Grassley and I crafted provisions that support American families and American workers who deserve to keep their homes and their jobs," said Baucus. "This bill amounts to real money for American families through tax relief or continued paychecks from companies that use this tax relief to survive."
Grassley said, "Tax relief helps encourage home ownership, and addressing the housing problem can help the economy overall. It's appropriate to use the tax code to help people buy homes and to help the many businesses that are tied to the housing industry recover from losses. Those businesses create jobs. The economy should benefit from this shot in the arm."
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