Hill Votes to Extend Unemployment Benefits, Homebuyers’ Tax Credit and Business Tax Relief to Stimulate Local Economy

H.R. 3548 was passed by the House Thursday and signed into law by President Obama Friday

Washington, DC – November 10, 2009 – (RealEstateRama) — Late last week, Congressman Baron Hill voted to stimulate the local economy and provide stability to American families hit hardest by the recession by extending unemployment benefits, the homebuyers’ tax credit, and tax relief for military families and businesses. The Emergency Unemployment Compensation Extension Act, H.R. 3548, will provide immediate assistance, extending relief to millions of workers, families, and businesses nationwide. The bill was passed by the House of Representatives on Thursday, November 5, 2009, and signed into law the next day by President Obama.

“This is another crucial step to provide immediate relief to struggling Hoosiers who have lost, or are on the verge of losing, their unemployment benefits and get our economy moving in the right direction,” Hill said.  “According to the Indiana Department of Workforce Development, they expect to begin issuing these benefits as soon as the week of November 23.  That is welcome news for many of my constituents.”

The legislation will provide families in all states with 14 weeks of additional benefits, and six more weeks to the 27 states with unemployment rates higher than 8.5 percent, such as Indiana.  Workers in these high unemployment states who have exhausted or will soon exhaust their benefits will be eligible for a total of 20 additional weeks of emergency unemployment compensation.

The extension is fully paid for and will provide immediate, effective stimulus to the local economy. The Congressional Budget Office has cited unemployment benefits as one of the most cost-effective forms of economic stimulus.

The bill also includes an extension of the $8,000 first-time homebuyer tax credit through April 30, 2010, and provides a $6,500 credit to new purchasers who have lived in their current residence for five years or more. It also helps military families struggling to make mortgage payments by making those payments tax-exempt. In addition, H.R. 3548 allows U.S. companies to carry back losses incurred in either 2008 or 2009 against income earned in any of the five prior years.

“While we continue working on longer-term economic legislation, these extensions will provide much-needed relief to millions of Americans,” Hill said.  “H.R. 3548 was passed by the House in an overwhelmingly bipartisan way.  I think that is indicative of just how serious this Congress is about turning this economy around.”

Contact: Katie Moreau PHONE (202) 225-5315
http://baronhill.house.gov/

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