U.S. Representative Mike Turner today announced the House of Representatives approved H.R. 3548, the Unemployment Compensation Extension Act of 2009. H.R. 3548 overwhelmingly passed the House by a 403 to 12 vote. The bill now goes to the President for his signature.
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U.S. Representative Mike Turner today announced the House of Representatives approved H.R. 3548, the Unemployment Compensation Extension Act of 2009.  H.R. 3548 overwhelmingly passed the House by a 403 to 12 vote.  The bill now goes to the President for his signature.

The bill will extend unemployment benefits by six weeks up to a maximum 20 weeks, and provides tax relief for struggling businesses.  It also extends for an additional five months the $8,000 tax credit for first-time homebuyers for homes under contract by April 30, 2010.  The credit was set to expire at the end of this month.  

In addition, under the new legislation, homeowners who have lived in their current residences for at least five years may be eligible for a $6,500 tax credit toward the purchase of a new home.  The credit would be available only for the purchase of principal residences priced at $800,000 or less.  The measure increases the income ceiling to $125,000 for individuals and $225,000 for married couples, up from $75,000 and $150,000, respectively.

“As unemployment across southwest Ohio continues to rise, I believe Congress took the necessary steps today to help address the escalating jobless rate.  This extension of benefits will help Ohio families weather these tough economic times,” said Rep. Turner.  “The first-time homebuyer tax credit has encouraged many Ohioans to purchase their first home.  Now the tax credit goes even further to assist additional homeowners.”