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Bill passes to extend unemployment benefits and homeowner tax credits
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Senate Majority Leader Harry Reid talks after the passage of the extension of unemployment benefits.
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.
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