So the new bill allows home builders to claim millions in tax refunds by charging their current losses against the extraordinary profits they made during the housing boom, several years ago. It also allows auto manufacturers to collect alternative minimum tax (AMT) credits, that they otherwise wouldn’t have received due to the fact they did not pay enough in taxes over the recent years. Let’s see… it just wouldn’t be right to leave our friends over in the airline industry without a tax break. So, they too will be allowed to claim AMTs too!

Despite the Senate bill’s name, it will do little to anything to prevent current homeowners from foreclosing on their homes. This has many consumers advocates and other groups in an uproar… and I don’t blame ‘em!