U.S. Congressman Al Green praises passage of extension of unemployment benefits and tax credit for first time homebuyers by the House

-
By Congressman Al Green -

Washington, D.C. – November 5, 2009 – (RealEstateRama) — Today the U.S. House of Representatives passed the Senate amendments to HR 3548, the Unemployment Compensation Extension Act by a vote of 403 to 12.

The bill extends unemployment benefits in all states, extends the current tax credit for first-time homebuyers and expands the homebuyer credit to current homeowners buying new primary residences.

Jobless benefits will be extended in all states by 14 weeks and they will be extended an additional six weeks in states with unemployment higher than 8.5 percent. The measure applies to those whose benefits will run out by December 31, which is 1.3 million people, according to House estimates.

“This bill provides much needed relief for 15 million Americans who critically need it. The livelihood of these people greatly depends on this assistance,” said Congressman Green.

The bill also extends the refundable $8,000 tax credit for first-time home buyers who have entered into a contract signed by April 30 and closed by June 30. The current credit defines a first-time homebuyer as someone who has not owned a residence within the past three years.

The House also approved an adjustment of the gross income cap to $125,000 for single filers and $225,000 for joint filers. Currently, the amount of credit begins to phase out for taxpayers whose adjusted gross income is more than $75,000 for single filers or $150,000 for joint filers.

“This important measure will help stimulate the job market by increasing activity in the building and real estate sectors. Specifically in my home state of Texas, the National Association of Realtors is projecting that 189,200 first-time buyers will take advantage of the credit”, commented Congressman Green.

The White House said President Obama will sign the bill into law tomorrow.

###

Alvaro ‘Al’ Ortiz
Press Secretary
Congressman Al Green, 9th District-Texas
United States House of Representatives
3003 South Loop West, Suite 460
Houston, TX 77054
Office Phone: 713-383-9234/Extension 111
Cellular Phone: 832-606-5869
Fax: 713-383-9202
Email: Alvaro.Ortiz (at) mail.house (dot) gov
mailto:AlAlvaro.Ortiz (at) mail.house (dot) gov
Internet: www.house.gov/algreen/

SHARE
Avatar
Congressman Al Green
http://www.house.gov/algreen/

On January 4, 2007 U.S. Representative Al Green took the oath of office to serve the people of Texas’ 9th Congressional District and began his second term in the United States House of Representatives. As a veteran civil rights advocate, he has dedicated his life to fighting for those in society whose voices, too often, are not heard.

Congressman Green’s chief legislative priority for the 110th Congress is creating a Federal Living Wage. As the Democratic Whip for Region 6 and one of the newest members of the Committee on Homeland Security, Green is dedicated to increasing U.S. port and border security and reducing chemical, biological, radiological and nuclear threats. He also serves on the Financial Services Committee where he continues his fight to eliminate insurance, housing and lender practices that have historically victimized low and moderate income communities. Additionally, Congressman Green remains committed to increasing the levels affordable housing and ensuring that every American realizes the dream of homeownership.

Contact:

Alvaro 'Al' Ortiz (Press Secretary)
Office Phone: (713) 383 9234 Ext. 111
Cell Phone: (832) 606 5869

RELATED ARTICLESMORE FROM AUTHOR

Previous article91 Unit Dallas Apartment Property Is Latest Acquisition For Texas Apartment Buyer Group
Next articleU.S. CONGRESSMAN AL GREEN PRAISES PASSAGE OF HEALTH CARE REFORM BILL BY THE HOUSE OF REPRESENTATIVES