SENATE PASSES HOUSING STIMULUS LEGISLATION
The Senate today passed legislation intended to help reduce foreclosures and support the housing sector through new tax incentives by a vote of 84-12. H.R. 3221, the Foreclosure Prevention Act of 2008, was approved after legislators added an amendment to extend renewable energy tax credits. Unlike a separate package approved yesterday by the House Ways and Means Committee, the Senate’s housing stimulus package does not include any provisions related to the low-income housing tax credit (LIHTC).
To learn more about the different stimulus plans being considered in Congress, download the April 8 Novogradac Report on Tax Credits podcast.