Rep. Foster Votes to Extend and Expand Homebuyer Tax Credit, Extend Unemployment Benefits

November 6, 2009

by Illinois RealEstateRama

Category: News || Laws & Taxes | 1 Comment

Washington, DC – November 6, 2009 – (RealEstateRama) — Rep. Bill Foster (IL-14) voted in favor of the Emergency Unemployment Compensation Extension Act, H.R. 3548, to provide aid to those hurt by the economic recession and to continue his efforts to stimulate the economy. The bill passed by a bipartisan vote of 403-12, and now goes to the President for his signature.

The bill includes an extension of the $8,000 first-time homebuyer tax credit through April 30, 2010, and provides a $6,500 credit to purchasers who have lived in their current residence for five years or more. It also helps military families struggling to make mortgage payments by making those payments tax-exempt.

“I have been a strong advocate of the first-time homebuyer tax credit, which has boosted home sales during a difficult economic period,” said Foster. “By temporarily extending and expanding this tax credit, we allow additional families to take advantage of this opportunity, and the resulting increase in home sales will continue to spur the housing market until normal demand takes over.”

In addition, the bill will provide families in all states with 14 weeks of additional unemployment benefits, and six more weeks on top of that to the 27 states with the highest unemployment rates, meaning unemployed individuals in Illinois will receive an additional 20 weeks of unemployment benefits.

“Many individuals in our district are desperately seeking jobs, but are having difficulty finding employment due to the recession,” said Foster. “By extending unemployment benefits, we support families and also our local economy, as this money is often pumped back into area retailers to purchase necessities.”

The bill will not add to the deficit, and is paid for by extending the Federal unemployment tax, a tax that has been in place for more than 30 years, increasing fines and penalties for partnerships and S corporations that fail to file a tax return, and delaying a questionable tax break that would reduce taxes for U.S. multinational companies that have shipped jobs overseas