Hare Supports Extension of Unemployment, First-Time Homebuyer Tax Credit

November 5, 2009

by Illinois RealEstateRama

Category: News || Laws & Taxes | No Comments

November 5, 2009 – (RealEstateRama) — Congressman Phil Hare (D-IL) today voted for legislation that will extend both unemployment benefits and the first-time homebuyer tax credit. The bill now heads to the President’s desk.

Hare has been a strong supporter of extending unemployment benefits during this recession. In September, Hare voted to extend these benefits for 13 additional weeks. After being amended by the Senate, today’s bill would extend benefits in Illinois by 20 weeks, where the unemployment rate is currently over 10 percent.

“After unacceptable delaying by Senate Republicans, I am pleased that we are finally moving forward with strong unemployment insurance legislation,” Hare said. “People who lose their jobs through no fault of their own desperately need these benefits to hold onto their homes, pay bills, and keep food on the table.”

Hare has also been a vocal proponent of extending the first-time homebuyer tax credit. On October 19, Hare made a swing through his district with local realtors and citizens highlighting the benefits of the program on the local economy. This bill would extend the deadline for the $8,000 first-time homebuyer tax credit from November 30, 2009 to April 30, 2010. It would also add a $6,500 credit for existing homeowners, as long as they have lived in their homes for five consecutive years and stay in the new one for at least three years. Finally, the income cap for qualifying would be raised to $125,000 for individuals and $225,000 for married couples, up from $75,000 and $150,000, respectively.

“While this extension is not as long as I preferred, the credit has been expanded significantly and will allow even more of my constituents to take advantage of this excellent program,” Hare said. “Home sales are almost certain to rise between now and April which will provide a significant boost to the local economy. The housing market was at the center of the economic crisis, and the housing market will be at the center of our recovery.”

While Hare praised these two important extensions, he stressed that they are not a substitute for creating jobs. “There is no such thing as a jobless recovery,” Hare said. “We must now move on to legislation that will put people back to work such as the surface transportation bill.”