Senate Democratic and Republican leaders have reached a compromise on a bill to provide tax breaks and refinancing assistance to beleaguered homeowners hit by the mortgage crisis.

The bill provides a new standard property tax deduction of $500 for individual taxpayers and $1,000 for couples. Also included is $10 billion for tax-exempt bonds that local housing authorities can use to refinance sub-prime mortgages and offer new mortgages to first-time homeowners.

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