Procedures in Motion for Senate Action on Home Buyer Credit, NOLs

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Senate Majority Leader Reid sets in motion procedures that could allow legislation expanding the home buyer tax credit and the net operating loss carryback to be approved this week. Reid files a motion to invoke cloture on the Worker, Homeownership, and Business Act (H.R. 3548), and says a vote on final passage could occur late today if Republicans agree to waive the 30-hour post-cloture debate period. The bill started out as a House-passed extension of unemployment insurance benefits for individuals who have lost or are about to lose their unemployment checks. The Senate substitute includes the tax provisions to satisfy bipartisan requests to extend and expand the home buyer tax credits and NOL carryback.