The House passed the bill, 402-12, today that will expand tax credit for home buyers, extend unemployment checks, and help businesses.
The bill would extend the home buyers credit till June of next year and offer a $6,500 tax credit to those who have lived in their home for at least five years. Unemployment benefits will be extended an additional 14 weeks, and if the state has a jobless rate over 8.5 percent it will be extended an additional 6 weeks. The bill only applies to those running out of benefits before the end of the year. Additionally, the bill would also allow business that have a loss in 2008 and 2009 to ask for refunds for taxes paid on their profits over the past five years.
The tax credits will be paid for by delaying enactment of a law allowing international companies to allocate interest expenses. The unemployment benefits cost is being offset by extending the federal unemployment tax, that employers pay, to June 2011.
Comments
I think this bill is really unfair - according to this article it only helps the people who are running out of benefits by the end of the year.....I am currently on extended benefits (set to end in mid Feb and I have had absolutely no luck getting a job) and my husband is on tier 2 of his unemployment (also no luck in finding a job) so we get no help whatsoever from this bill. Only certain people (whoever happened to be unemployed at apparently the right time) get additional help from the government - everyone else is on their own....this sticks
I meant to say - this stinks!!
What about the new homeowners who missed out on the new purchase tax credit but haven't been in their homes for five years to recieve the expanded tax credit. This seems like a entire segment has been overlooked and in some cases need the most help.
I agree Juston. I'm about to write my Congressmen (MS) and plead that reason too! Not fair at all. Those between new owner and 5 years get no help.
Read the fine print. This bill only helps 5 year home owners IF they are planning to "move up" into a larger home. Many of those who have been in their homes less than 5 years are not ready to move up anyway.
agreed this is leaving a good portion of hard working folks out of the picture - myself included. I was reading in the paper and they used the word homes with an 's' - where i was hoping to interpret that as - as long as you've owned a home or two or three in the past 5 yrs. you'd still qualify - evidently not? - I sold mine just last month - after 3.5 yrs and owned the one before that for over 9 yrs.
No billed passed will make everyone happy, there will always be a group of people saying they are being left out. But rarely does anyone offer a better plan or suggestion. I'm sure the the government are doing what they can after all the congressmen get their two cents in.
This is a God sent Our closeing is set for 30th of nov.09 and we need all the help possable
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