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Updated: 6:32 PM Nov 4, 2009
Senate votes to extend homebuyer credit, jobless benefits
The Senate has voted to give the jobless up to 20 weeks of additional unemployment benefits and significantly expand a tax credit program aimed at getting buyers back into the dormant housing market.
Posted: 6:05 PM Nov 4, 2009 |
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WASHINGTON (AP/L.A. Times) -- The Senate has voted to give the jobless up to 20 weeks of additional unemployment benefits and significantly expand a tax credit program aimed at getting buyers back into the dormant housing market.
The strong Senate vote for the legislation is a recognition that the government still needs to do more to keep the economic recovery from faltering. If enacted, workers in some of the harder-hit states would be eligible for nearly two years of benefits, a record.
According to the Los Angeles Times, if the bill becomes law, it will extend the $8,000 homebuyer credit to April 30, add a $6,500 tax credit for existing homeowners who have lived in their current home for five or more years and want to move up.
According to The Times, homes purchased for $800,000 or less are eligible for the tax credits, and qualifying incomes have been upped to $125,000 for individuals and $225,000 for those who file their taxes jointly.
(Copyright 2009 by The Associated Press. All Rights Reserved. Information from The Los Angeles Times was used in this report.)
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