The U.S. Senate has passed a bill, called the housing stimulus bill, which extends the tax incentives for new and existing homes and commercial buildings. The bill calls for:
1. an extention of the tax credit for energy-
efficient new homes through December 31, 2010
2. expands the commercial building tax deduction
to $2.25 per square foot (from $1.80) and
extends it through December 31, 2009
3. resurrects the expired $500 tax credit for
existing homes through December 31, 2009
The House has yet to act on this bill. They want the incentives offset by a reduction in the oil tax incentives provided by the 2005 Energy Policy Act. Although prospects of House passage of the bill is still promising, action by the House has been delayed due to the war and the upcoming elections.