NLBMDA News

Congress Returns to Tackle Health Care and Packed Agenda
Congress returned to Washington today to set to work resolving differences on health care reform that only seemed to widen during the August recess. Climate change legislation, expiring tax credits and the annual spending bills are also on the to do list, making it likely that the scheduled October 8 adjournment date will pass long before Congress completes their work for the year. President Obama will deliver remarks on health care to a joint session of Congress on Wednesday evening. Read more.

NLBMDA Calls on Congress to Extend Homebuyer Tax Credit
As Congress gets back to work, NLBMDA is calling on members of the Senate Finance Committee and House Ways and Means Committee to highlight the importance of extending the homebuyer tax credit before it expires on November 30, 2009. Over 140 letters were sent by NLBMDA members during the August recess, highlighting the importance of this tax credit in returning the housing market to stability and restoring our nation's economy. NLBMDA called on the committees to support and pass legislation such as that introduced by Sen. Johnny Isakson (R-GA) to make the tax credit available to all buyers and extend its availability through 2010. Read more.

Lawmakers Considering Temporary Estate Tax Fix
Faced with the Dec. 31, 2009, deadline for the phased-out elimination of the estate tax, which will go to zero in 2010 but return in full in 2011, legislators have begun to explore various options for retaining the tax. Several bills have been introduced that would make permanent exemptions of $2 to 5 million and lock in overall tax rates at 30, 40 or 55 percent. Read more.

Energy Efficiency Tax Incentives Introduced
While broader climate change legislation is being delayed in part due to the debate on health care reform, more targeted pieces of legislation are being promulgated to seek to extend existing and create new incentives for energy efficient and green buildings. Just prior to the August recess, Senators Olympia Snowe (R-ME), Dianne Feinstein (D-CA) and Jeff Bingaman (D-NM) introduced a package of tax incentive legislation including the "Expanding Building Efficiency Incentives Act" (S. 1637). Read more.