Summary: S.12 — 110th Congress (2007-2008)All Information (Except Text)

There is one summary for S.12. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (02/29/2008)

Homeownership, 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 active 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 increased 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 excise 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 Economic 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 25%.

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 tax credit for the purchase of residences facing foreclosure.

Amends the 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.