S. 2566Senate110th Congress (2007-2009)In Committee

A bill to amend the Internal Revenue Code of 1986 to provide a Federal income tax credit for certain home purchases.

Introduced January 29, 2008

Legislative Activity

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SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance.

January 29, 2008

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SenateIntro Referral

Introduced in Senate

January 29, 2008

SenateIntro Referral

Read twice and referred to the Committee on Finance.

January 29, 2008

Floor Debate

23 members

What members said about S. 2566 on the floor

12 Republicans11 Democrats
John D. Rockefeller IV
Sen. John D. Rockefeller IVD-WV · Feb 6, 2008

Mr. President, I wish to make a few comments on the amendment of the Senator from Wisconsin and what he referred to as the ``bulk collection'' amendment which he discussed yesterday and which is…

Jeff Sessions
Sen. Jeff SessionsR-AL · Feb 6, 2008

Mr. President, I would like to share some thoughts on the FISA legislation. It is critically important, and we need to pass the Intelligence Committee bill. I will first say, in response to my able…

Richard J. Durbin
Sen. Richard J. DurbinD-IL · Feb 6, 2008

Mr. President, I am glad the majority leader has come to speak about this issue. It is hard to imagine what is going through the mind of the President that he believes he can make an argument…

Christopher S. Bond
Sen. Christopher S. BondR-MO · Feb 6, 2008

Mr. President, I yield myself 6 minutes from the opposition to the amendment No. 3979, the Feingold-Webb sequestration. During yesterday's sessions and prior sessions, there have been, regrettably, a…

Harry Reid
Sen. Harry ReidD-NV · Feb 6, 2008

Mr. President, I ask unanimous consent that the order for the quorum call be rescinded. Mr. President, I have a friend. I have known him for a long time. His name is Steve Walther. Steve Walther was…

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Edward M. Kennedy
Sen. Edward M. KennedyD-MA · Feb 6, 2008

Mr. President, the amendment that Senator Cardin has offered is very simple, but it is absolutely critical to this bill. The amendment would move up the bill's sunset date from 6 years to 4 years.…

Russell D. Feingold
Sen. Russell D. FeingoldD-WI · Feb 6, 2008

Mr. President, I will use some of my time on a couple of these amendments. I know it must be difficult for the Chair to figure out which time to apply to which amendments, but I will try to identify…

Jack Reed
Sen. Jack ReedD-RI · Feb 6, 2008

Mr. President, I ask unanimous consent to speak as in morning business. Mr. President, across the Nation, millions of Americans are struggling to make ends meet as our economy has slowed…

Sheldon Whitehouse
Sen. Sheldon WhitehouseD-RI · Feb 6, 2008

Madam President, I thank the distinguished Senator from Pennsylvania. I consider it a great personal honor to join him in sponsoring this important amendment. He has served with great distinction as…

Bob Corker
Sen. Bob CorkerR-TN · Jan 30, 2008

Mr. President, I rise in morning business today to talk about the so-called economic stimulus package we will be dealing with in this body over the next few weeks. I think the Presiding Officer knows…

John Cornyn
Sen. John CornynR-TX · Jan 30, 2008

Mr. President, may I inquire how much time remains on our side? Mr. President, I wish to express my agreement with the wise words of the distinguished Senator from New Hampshire and expand on the…

Johnny Isakson
Sen. Johnny IsaksonR-GA · Feb 6, 2008

Mr. President, I ask unanimous consent that the order for the quorum call be rescinded. Mr. President, I ask unanimous consent that I be allowed to address the Senate as in morning business. Mr.…

Mitch McConnell
Sen. Mitch McConnellR-KY · Feb 6, 2008

Mr. President, the U.S. Senate has been conducting its business here in Washington for just over 200 years. For more than one- fifth of that time, Senator Daniel Inouye of Hawaii has been casting…

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John E. Sununu
Sen. John E. SununuR-NH · Jan 30, 2008

Mr. President, I begin my remarks this morning by addressing the points made at the close of Senator Corker's remarks. The Senator talked about the need to look at some of our long-term budget…

Mike Crapo
Sen. Mike CrapoR-ID · Feb 6, 2008

I thank the Senator from Texas and my colleagues on both sides for allowing me this few minutes to have a break in the debate on the FISA bill to discuss a very important issue to the people of Idaho…

Arlen Specter
Sen. Arlen SpecterR-PA · Feb 6, 2008

Madam President, I ask unanimous consent that the order for the quorum call be rescinded. Madam President, I now call up amendment No. 3927. Madam President, I ask unanimous consent that further…

Saxby Chambliss
Sen. Saxby ChamblissR-GA · Feb 6, 2008

Mr. President, I rise today to discuss Senate amendment No. 3907 offered by Senators Dodd and Feingold to the Intelligence Committee's FISA legislation. I compliment my friend from Alabama for some…

Kay Bailey Hutchison
Sen. Kay Bailey HutchisonR-TX · Feb 6, 2008

Mr. President, I ask unanimous consent to speak for up to 10 minutes and then for Senator Crapo to have up to 10 amendments to speak on the FISA bill. Was there an amendment? Mr. President, I do rise…

Johnny Isakson
Sen. Johnny IsaksonR-GA · Jan 30, 2008

Mr. President, I ask unanimous consent to be recognized for up to 7 minutes as in morning business and to maintain the existing 30 minutes for the majority side. Mr. President, I commend Senator…

Benjamin L. Cardin
Sen. Benjamin L. CardinD-MD · Feb 6, 2008

Mr. President, shortly we will be voting on the amendment I offered that provides for a 4-year sunset in the Foreign Intelligence Surveillance Act. I thank first Senator Rockefeller for his help,…

Dianne Feinstein
Sen. Dianne FeinsteinD-CA · Feb 6, 2008

Mr. President, reserving the right to object, I wish to secure the ability, following this vote, to call up one of my amendments, if I might. My understanding is that maybe I can do it now. All…

Daniel K. Akaka
Sen. Daniel K. AkakaD-HI · Feb 6, 2008

Madam President, in the year 1924, a child was born to a woman who was nurtured by a Hawaiian family. He was born in Hawaii as an American of Japanese ancestry. He was brought up in Hawaii and went…

Daniel K. Inouye
Sen. Daniel K. InouyeD-HI · Feb 6, 2008

Madam President, I am deeply moved and most grateful for the generous and warm remarks of my colleagues. I shall do my very best to live up to their praise. I thank you very much. (Applause, Senators…

Jon Kyl
Sen. Jon KylR-AZ · Feb 6, 2008

The following Senators are necessarily absent: the Senator from North Carolina (Mr. Burr), the Senator from South Carolina (Mr. Graham), and the Senator from Arizona (Mr. McCain).

Bill Text

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Introduced in SenateIssued January 29, 2008

II

110th CONGRESS

2d Session

S. 2566

IN THE SENATE OF THE UNITED STATES

January 29, 2008

Mr. Isakson (for himself, Mr. Gregg, Mr. Allard, Mr. Chambliss, and Mr. Craig) introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To amend the Internal Revenue Code of 1986 to provide a Federal income tax credit for certain home purchases.

1.

Credit for certain home purchases

(a)

Allowance of credit

Subpart A of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 (relating to refundable credits) is amended by inserting after section 25D the following new section:

25E.

Credit for certain home purchases

(a)

Allowance of credit

(1)

In general

In the case of an individual who is a purchaser of a qualified principal residence during the taxable year, there shall be allowed as a credit against the tax imposed by this chapter an amount equal to so much of the purchase price of the residence as does not exceed $15,000.

(2)

Allocation of credit amount

The amount of the credit allowed under paragraph (1) shall be equally divided among the 3 taxable years beginning with the taxable year in which the purchase of the qualified principal residence is made.

(b)

Limitations

(1)

Date of purchase

The credit allowed under subsection (a) shall be allowed only with respect to purchases made—

(A)

after February 29, 2008, and

(B)

before March 1, 2009.

(2)

Limitation based on amount of tax

In the case of a taxable year to which section 26(a)(2) does not apply, the credit allowed under subsection (a) for any taxable year shall not exceed the excess of—

(A)

the sum of the regular tax liability (as defined in section 26(b)) plus the tax imposed by section 55, over

(B)

the sum of the credits allowable under this subpart (other than this section) for the taxable year.

(3)

One-time only

(A)

In general

If a credit is allowed under this section in the case of any individual (and such individual's spouse, if married) with respect to the purchase of any qualified principal residence, no credit shall be allowed under this section in any taxable year with respect to the purchase of any other qualified principal residence by such individual or a spouse of such individual.

(B)

Joint purchase

In the case of a purchase of a qualified principal residence by 2 or more unmarried individuals or by 2 married individuals filing separately, no credit shall be allowed under this section if a credit under this section has been allowed to any of such individuals in any taxable year with respect to the purchase of any other qualified principal residence.

(c)

Qualified principal residence

(1)

In general

For purposes of this section, the term qualified principal residence means an eligible single-family residence that is purchased to be the principal residence of the purchaser.

(2)

Eligible single-family residence

(A)

In general

For purposes of this subsection, the term eligible single-family residence means a single-family structure that is—

(i)

a new previously unoccupied residence for which a building permit is issued and construction begins on or before September 1, 2007,

(ii)

an owner-occupied residence with respect to which the owner's acquisition indebtedness (as defined in section 163(h)(3)(B), determined without regard to clause (ii) thereof) is in default on or before March 1, 2008, or

(iii)

a residence with respect to which a foreclosure event has taken place and which is owned by the mortgagor or the mortgagor's agent.

(B)

Certification

In the case of an eligible single-family residence described in subparagraph (A)(i), no credit shall be allowed under this section unless the purchaser submits a certification by the seller of such residence that such residence meets the requirements of such subparagraph.

(d)

Denial of double benefit

No credit shall be allowed under this section for any purchase for which a credit is allowed under section 1400C.

(e)

Special rules

(1)

Joint purchase

(A)

Married individuals filing separately

In the case of 2 married individuals filing separately, subsection (a) shall be applied to each such individual by substituting $7,500 for $15,000 in subsection (a)(1).

(B)

Unmarried individuals

If 2 or more individuals who are not married purchase a qualified principal residence, the amount of the credit allowed under subsection (a) shall be allocated among such individuals in such manner as the Secretary may prescribe, except that the total amount of the credits allowed to all such individuals shall not exceed $15,000.

(2)

Purchase

In defining the purchase of a qualified principal residence, rules similar to the rules of paragraphs (2) and (3) of section 1400C(e) (as in effect on the date of the enactment of this section) shall apply.

(3)

Reporting requirement

Rules similar to the rules of section 1400C(f) (as so in effect) shall apply.

(f)

Basis adjustment

For purposes of this subtitle, if a credit is allowed under this section with respect to the purchase of any residence, the basis of such residence shall be reduced by the amount of the credit so allowed.

.

(b)

Clerical amendment

The table of sections for subpart A of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 25D the following new item:

Sec. 25E. Credit for certain home purchases.

.