ReNews -- Remodelors Council News - 04/22/2008 (Plain Text Version)

Lonny Rutherford, CGR, CAPS
NAHB Remodelers Chair
Farmington, N. M.

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In this issue:
Women Remodelers Honored for Community Contributions
Group Remodels in Houston for a Special Caregiver
Remodelers’ Spring Board Preview
'Remodel Now' Campaign Materials Are Available
Rebuilding Together Call for Action
Where the Market Is Flush
Senate Adopts Amendment to Housing Bill to Extend Energy Efficiency Tax Incentives
Green Remodeling with Donna Shirey, CGR, CAPS
Green Building and Remodeling Conference Approaching
NAHB Remodeling Channel Provides Valuable Remodeling Info
What You Need to Know: National Membership Day and NAHBR
Building for Boomers & Beyond Symposium Coming to New Orleans May 19-21
Atlanta Remodelers Council Builds Model Bath at 30th Spring Atlanta Home Show
NAHB Remodelers 2008 Awards Calendar
Online Speaker Directory
Deadline Approaches for the 2008 Remodeling Design Awards
Drive Away With a Shiny New $500 GM Private Offer
UPS Offers Up to 30% Discount to NAHB Members on Shipping
The Hertz Green Collection: Reserve and Conserve
Thank you to our sponsors!

Senate Adopts Amendment to Housing Bill to Extend Energy Efficiency Tax Incentives

The Senate recently passed a landmark housing stimulus bill that included an important amendment to extend a number of expired (or soon-to-expire) energy efficiency tax incentives for homes and multifamily buildings.

Despite objections from some Senators who wanted to move the energy piece separately, Sen. Majority Leader Harry Reid (D-NV) moved for a vote on the bipartisan amendment, sponsored by Sen. Maria Cantwell (D-WA) and Sen. John Ensign (D-NV), as part of the broader housing bill. With overwhelming bipartisan support, the Senate adopted the amendment by a margin of 88 to 8. Although the House also recently passed a similar extension of energy tax incentives, the negotiating is far from over because of the continued disagreement over how to pay for them. The Senate measure adopted does not include any tax offsets, already causing House Leaders to balk at it.

Notably, the amendment contains a number of extensions that NAHB has been working to pass for a number of months:

Section 45L –
New Energy-Efficient Home Tax Credit. The amendment extends the tax credit for an additional 2 years to Dec. 31, 2010. It also modifies the credit to allow builders to occupy the residence themselves.
Section 179D –
Multifamily/Commercial Building Deduction. The amendment extends the deduction through the end of 2009. It also increases the amount from $0.60 per square foot to $0.75 for partial allowance and from $1.80 per square foot to $2.25 for full allowance.
Section 25C –
Energy Efficient Property Credit (Existing Homes). The amendment extends the expired credit to the end of 2009. It also adds a credit for residential biomass heating stoves (e.g., pellet stoves or wood stoves) that can achieve a 75% thermal efficiency rating.

NAHB will now work with coalition partners to gain support in the House for adoption of the Senate measure.

If you have questions or need additional information, e-mail Elizabeth Odina at NAHB, or call her at 800-368-5242 x8570.