Unemployment Benefits Homebuyers’ Tax Credit Ext.

Rep Maffei 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 will provide immediate assistance, extending relief to millions of workers, families, and businesses nationwide. The House Passed H.R. 3548, the Worker, Homeownership and Business Assistance Act of 2009 by an overwhelmingly bipartisan vote of 403 to 12. Rep Maffei said: “This is another crucial step to provide immediate relief to struggling New Yorkers who have lost, or are on the verge of losing, their unemployment benefits and get our economy moving in the right direction. The families who receive these benefits will be putting money right back into our local economy. Extending the first-time homebuyer tax credit is another important boost for families and our economy, and I’m pleased we took the step today to ensure our military families will be able to take advantage of the tax credit as well.”The bill 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.The legislation will provide families in all states with 14 weeks of additional benefits, and six more weeks to the 27 states with the highest unemployment rates – where it is most difficult for workers to find employment. 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, and every dollar spent on unemployment benefits generates $1.63 in new demand, according to Moody’s chief economist Mark Zandi.Rep Maffei continued: “This legislation takes important, immediate steps to help stabilize our small businesses and strengthen our housing market. These efforts are crucial to growing our economy and putting it back on sound footing.”To breathe life back into American businesses suffering from huge losses, this bill allows U.S. companies to carry back losses incurred in either 2008 or 2009 against income earned in any of the five prior years.