 The proposed housing bill got a new addition on Friday during a Senate meeting, as two amendments to help the ailing Gulf Coast and Rust Belt regions were approved.
The first amendment would allow businesses in the Rust Belt region that have lost money to use already accumulated tax credits to help offset new investments. The addition was proposed by George Voinovich (R-Ohio) and Debbie Stabenow (D-Mich) in an effort to help the troubled manufacturing region recover economically. The amendment was passed by a 76-2 vote. The second amendment to the housing bill would give tax relief to residents hit by Hurricane Katrina who received home rebuilding grants. The addition was proposed by Mary Landrieu (D-La) and passed by a 74-5 vote. Several other Senators attempted to push their amendments, but were shot down by bill manager Christopher Dodd (D-Conn) who said, "This is not a Christmas tree. It's a housing bill." The bill, which will provide sweeping tax relief and financial aid to the troubled housing industry, is expected to pass through the Senate by next week. (written by: K. Skowronski) Article Source Rust Belt, Gulf Coast added to housing bill, CNN.com
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