Housing Help Bill Clears Senate

Washington, D.C.—The Senate approved the bipartisan tax bill on Thursday, designed to help businesses and homeowners troubled by the housing slump, ABC News reports.Passed by an 84-12 vote, some supporters said the bill is geared too much toward homebuilders. The proposal includes large homebuilder tax breaks, a $7,000 tax credit for buying foreclosed properties and $4 billion in grants for communities to purchase vacant homes.Although it has not said it will veto the plan, the White House opposes it because it feels the bill could further lower some home values and use taxpayer funding to rescue lenders, ABC said.In addition, the House may reject parts of the bill—such as a $25 billion in tax breaks over three years for homebuilders who are losing money. A House panel on Wednesday accepted a plan without the builder tax breaks.