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July 9, 2008 7:46:16 AM CDT

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Housing Bill Loaded with Corporate Tax Breaks

Posted Apr 16, 08 9:54 AM CDT in Politics    Most Covered

(Newser) – The bill was rushed through the Senate to come to the aid of homeowners facing foreclosure, but it turns out that some of its biggest beneficiaries are automakers, airlines and energy producers. The Senate’s housing bill is packed with billions in corporate tax cuts, the New York Times reports. With populist fervor behind the bill, lobbyists from a host of industries hit the Hill. And while the bill would help homebuilders and homebuyers, there’s little to actually prevent foreclosures.

The tax breaks would cost an estimated $6 billion through 2018. “Tax breaks for corporate home builders won’t help stabilize the housing market, won’t create jobs and won’t prevent a single foreclosure,” said one labor union president. House Democrats, have vowed to drop the corporate tax breaks from their version of the bill, while adding more help for individual homeowners.

Source New York Times

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Consumer groups say the Senate's bill is full of corporate handouts.   (Shutterstock)
Industry groups well outside of housing have gone to work to add tax breaks to the bill.   (Shutterstock)
Sen. Mitch McConnell, right, and Harry Reid, are shown in this 2004 file photo in Washington. Senate leaders announced an agreement Wednesday on legislation to help the housing market.   (AP Photo/Evan Vucci, FILE)
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Congress  • housing market  • subprime crisis  • lobbyists  • lobbying  • stimulus package  • Senate Finance Committee  • housing legislation


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