Washington, D.C. – Over the objections of President Bush, and in an effort to address the growing home foreclosure crisis, the U.S. Senate has passed legislation cosponsored by Senator Jay Rockefeller aimed at helping West Virginia families and veterans stay in their homes and rebuild neighborhoods that have a surplus of vacant property. The Foreclosure Prevention Act passed the U.S. Senate today by a vote of 84-12.
. . .
The Foreclosure Prevention Act includes a number of important tax relief provisions aimed at jump-starting the ailing housing market. These include: a federal standard property tax deduction for West Virginia homeowners who don’t itemize; increased bond authority to allow municipalities to refinance subprime loans and provide mortgages for first-time homebuyers and multifamily rental housing; an extension of the Net Operating Loss (NOL) carryback to help aid homebuilders and businesses hit hardest by the economic slump; and a $7,000 tax credit for the purchase of homes already in foreclosure.