Worker, Homeownership, and Business Assistance Act
The Worker, Homeownership, and Business Assistance Act of 2009 (H.R. 3548), introduced by Representative Jim McDermott, will help local economies around the country by: extending unemployment benefits for millions of workers looking for jobs; extending, expanding, and improving the homebuyer tax credit; and providing tax relief for American businesses and military families. The bill:
- Strengthens the Safety Net for Workers Who Cannot Find Jobs – Immediately Helping 700,000 People and Eventually Helping Over a Million. There are millions of workers who want and need a job but cannot find one. The bill helps those workers by extending unemployment insurance by up to 14 additional weeks for jobless workers in every state, and a total of up to 20 weeks for workers in states with unemployment levels over 8.5 percent.
- Extends and Expands the Homebuyer Credit with Strong Anti-Fraud Measures. The Homebuyers Tax Credit is a temporary but important measure to continue economic recovery. The bill continues this important measure by extending the $8,000 first-time homebuyer tax credit through April 30, 2010, and allowing purchasers under a binding contract an additional 60 days to close after that date. The bill also provides a $6,500 credit to new purchasers who have lived in their current residence for five years or more out of the previous eight years, and increases the income limits on the credit to $125,000 for individuals and $225,000 for joint filers. Additionally, the bill contains important measures to combat tax fraud and protect responsible homebuyers, including setting a minimum age for home purchase and requiring documentary proof of the purchase in order to receive the credit.
- Creates Jobs by Cutting Taxes for Struggling Businesses. The bill expands tax cuts to tens of thousands of struggling businesses by providing them with the immediate cash they need to invest in their business. The bill provides tax relief for struggling businesses by allowing them to use net operating losses from 2008 or 2009 to offset profits from five previous years, up from two years. This benefit is also extended for an additional year and expanded to medium and large businesses as well.
- Assists Military Families. The bill helps our brave men and women serving our great Nation overseas. The bill eliminates the first-time homebuyers recapture requirement for military personnel, including members of the Foreign Service and intelligence community, who are forced to sell as a result of an official extended duty of service. It also allows military personnel serving outside the United States at least 90 days in 2009 or 2010, one additional year to qualify for the Homebuyer Tax Credit. The bill further helps military families by clarifying thatmilitary base realignment and closure payments – added as part of the Recovery Act – are tax exempt.