WASHINGTON, DC – November 6, 2009 – (RealEstateRama) — Rep. Pete Stark (D-CA) today praised House passage of Unemployment Insurance Benefits for an additional 20 weeks for workers in California. The Unemployment Compensation Extension Act, H.R. 3548, passed by a bipartisan 403 to 12 vote.
“Congress must protect those who have not yet found employment,” said Rep. Stark. “This bill will allow thousands of our neighbors to pay their mortgages and put food on their tables.”
H.R. 3548 extends Unemployment Insurance benefits for an additional 14 weeks in all states, and 20 weeks in states, including California, with unemployment rates above 8.5%.
The legislation also extends two tax provisions from the American Recovery and Reinvestment Act. The First-Time Homebuyer Tax Credit will be extended through April 2010 and expanded to include homebuyers who have lived in their current residence for five years. A Five-Year Carryback of Net Operating Losses for businesses will be expanded to cover companies that have suffered losses during the downturn. The bill is fully paid for and will not add to the deficit.
CONTACT: Brian Cook, (202) 225-3202
