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National
Key Vote
Housing Bill with Energy Tax Credit Extensions
Project Vote Smart's Synopsis:
Vote to pass a bill that changes mortgage and property tax laws and extends energy tax credits.
NOTE: THIS IS A SUBSTITUTED BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED.
Official Title of Legislation:
HR 3221: A bill to provide needed housing reform and for other purposes.
Highlights:
-Appropriates $4 billion for assistance to states and local governments for the redevelopment of abandoned and foreclosed properties (Sec. 301).
-Allows a tax credit of up to $7,000 for the purchase of a qualified principal residence during the taxable year (Sec. 603).
-Requires the Secretary of Housing and Urban Development and the Commissioner of the Federal Housing Administration (FHA) to consult with foreclosure prevention organizations and develop a plan to improve the FHA's loss mitigation process (Sec. 125).
-Adds people who have a reduction in income due to divorce or death, or who have an increase in expenses due to medical expenses, divorce, unexpected property damages not covered by insurance, or a large property tax increase to the eligibility list for homeownership counseling (Sec. 127).
-Allows a real property tax deduction on the amount of state and local real property taxes paid during the taxable year of up to $500 for individuals and $1,000 for joint returns (Sec. 604).
-Temporarily increases the cap on qualified mortgage bond proceeds that can be used to assist individuals in refinancing sub-prime home loans to $10 billion in 2008 (Sec. 602).
-Extends expiring tax credits until Jan 1, 2010 for the establishment of certain facilities that produce power by using wind energy, biomass energy, geothermal energy, solar energy, small irrigation power, landfill gas, trash combustion, refined coal production, and hydropower, while also expanding these tax credits so as to apply to certain new marine and hydrokinetic facilities (Sec. 1011).
-Extends certain tax credits for the development of solar energy until January 1, 2017 and for the development of fuel cell energy until December 31, 2017 (Sec. 1012).
-Extends the expiration date of the "residential energy efficient property" credit (which provides a tax credit of 30 percent of expenditures on certain types of solar energy) from December 31, 2008 until December 31, 2009, and removes the $2,000 credit limit on solar electric energy (Sec. 1013).
-Extends the authority to issue "clean renewable energy bonds" until December 31, 2009, and increases the limitation on the cumulative value of the bonds from $800 million to $1.2 billion (Sec. 1014).
-Extends the expiration date of the "new energy efficient home" credit (which applies to certain new homes that meet specific energy conservation criteria) from December 31, 2008 to December 31, 2010 (Sec. 1022).
-Extends the "energy efficient commercial buildings" deduction until December 31, 2009, and increases the maximum deduction from $1.80 to $2.25 per square foot (Sec. 1023).
-Modifies energy efficient appliance credit levels and extends certain credits through the 2010 calendar year (Sec. 1024).
-NOTE: This bill was passed by the House as an energy related bill. The Senate substituted the text of this bill to make it a foreclosure related bill with some energy tax provisions.
Link to Legislation: http://thomas.loc.gov/cgi-bin/query/z?c110:hr3221:
House Passage: 08/04/2007 : Bill Passed: 241 - 172 (Roll no. 832) Senate Passage With Amendment: 04/10/2008 : Bill Passed 84 - 12 (Record Vote Number 96)
NOTE: THIS IS A SUBSTITUTED BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. House Amendment Vote: 05/08/2008 : Amendment Adopted: 266 - 154 (Roll no. 301) House Amendment Vote: 05/08/2008 : Amendment Adopted: 322 - 94 (Roll no. 302) House Amendment Vote: 05/08/2008 : Amendment Adopted 256 - 160 (Roll no. 303) House Concurrence Vote With Amendment: 07/23/2008 : Concurrence Vote Passed: 272 - 152 (Roll no. 519) Senate Concurrence Vote: 07/26/2008 : Concurrence Vote Passed: 72 - 13 (Record Vote Number 186) President Passage: 07/30/2008 : Signed Became Public Law Number 110-289
Sponsor: Rep. Pelosi, Nancy (D-CA)
Cosponsors: Rep. Becerra, Xavier (D-CA)
Rep. Clyburn, James (D-SC)
Rep. DeLauro, Rosa (D-CT)
Rep. Dingell, John (D-MI)
Rep. Emanuel, Rahm (D-IL) (out of office)
Rep. Gordon, Bart (D-TN)
Rep. Hoyer, Steny (D-MD)
| Rep. Lantos, Tom (D-CA) (out of office)
Rep. Larson, John (D-CT)
Rep. Markey, Edward (D-MA)
Rep. Miller, George (D-CA)
Rep. Oberstar, James (D-MN)
Rep. Peterson, Collin (D-MN)
Rep. Rahall, Nick II (D-WV)
| Rep. Rangel, Charles (D-NY)
Rep. Van Hollen, Christopher Jr. (D-MD)
Rep. Velázquez, Nydia (D-NY)
Rep. Waxman, Henry (D-CA)
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PVS provides summaries for each version of the bill selected as a key vote. The summary does not necessarily reflect the final version of the bill. For further status information, call the Voter's Research Hotline at 1-888-VOTE-SMART (1-888-868-3762).
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