This afternoon, the House Ways & Means Committee adopted H.R. 5720, the Housing Assistance Tax Act of 2008, by a vote of 35-5. The bill, effectively the tax title of House Financial Service Committee Chair Barney Frank's FHA Housing Stabilization and Homeownership Retention Act, costs $11 billion over the next five and ten years, all but fully offset. What it provides/How much it costs:

• First-time home buyer credit/$3.78 billion over 10 years
• Hike in mortgage revenue bonds/$1.37 billion
• New standard deduction for property tax/$1.117 billion
• Hike in the low-income housing tax credit/$1.05 billion
• Tax-exempt housing bond simplification/$519 million

Revenue provisions (offsets)/how much each one raises:

• Basis reporting by brokers on sales of stock/$8.05 billion
• Delaying implementation of worldwide allocation of interest/$2.93 billion

While some of the tax breaks in H.R. 5720 are not targeted to homeowners at risk or victims of foreclosure (e.g. the first-time buyer credit), this is a vast improvement over the Senate tax title for avoiding big, indiscriminate breaks for businesses across the board; for including many items that have already passed the House, making it politically viable; and for complying with PAYGO. Final JCT Score. Bill Description.