Stimulus Bill Vote Expected This Week
HOUSING CREDIT
New Hampshire Union Leader
Daisy Hsiang-Ching Tseng
Boston University Washington News Service
Nov. 3, 2009
WASHINGTON – After weeks of advocacy by Democratic senators, the Senate is expected to vote Thursday on an economic relief bill that would extend unemployment benefits, expand tax credits for home buyers and offer tax breaks to businesses struck by the recession.
“I’m pleased we’re finally getting to vote on Thursday,” said Sen. Jeanne Shaheen, D-N.H., “but I’m very disappointed that it’s taken so long.”
After an overwhelming procedural vote on Monday that moved the bill forward, Shaheen expressed confidence the Senate will approve the legislation.
“I think it will pass with a strong vote,” Shaheen said in a phone interview.
Sen. Judd Gregg, R-N.H., said in a statement: “In these difficult times it is appropriate to extend unemployment insurance temporarily for those who have been unable to find work. I support extending unemployment benefits, but doing so in a way that is paid for and that does not pass the costs onto future generations. The current proposal before the Senate is properly paid for. That said, I am hopeful that we will be allowed to offer amendments to improve this important package as we continue exploring additional ways to spur economic growth.”
This legislation would extend unemployment insurance by up to 14 additional weeks for jobless workers and extend benefits for six weeks beyond the 14 for workers in states with unemployment levels of 8.5 percent and above.
The $8,000 tax credit currently available to all first-time homebuyers would be extended through June for buyers who sign purchase agreements by the end of April. The tax credit, part of the $787 billion stimulus package enacted last February, was set to expire at the end of this month.
In addition, a $6,500 credit would be available to homeowners who have been in their current residence for the last five years or more and are buying another house.
“The housing market is one of the things that got us into this difficult economy, and being able to continue to stimulate the housing market is going to be very important,” Shaheen said.
By helping homebuyers and businesses, Shaheen said, the legislation could boost the housing and construction industry and create jobs.
Companies of every size hit by the recession would be allowed to carry back losses incurred in either 2008 or 2009 to get refunds of taxes paid in the previous five years.
“As we help businesses with their losses, that’s going to encourage them to hold on to their employees and to be able to grow,” Shaheen said.
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