FOR IMMEDIATE RELEASE
November 5, 2009

Washington, D.C – Congresswoman Donna F. Edwards (D-MD) today voted to stimulate the local economy and provide stability to American families hit hardest by the recession by extending unemployment benefits, the homebuyers’ tax credit, and tax relief for military families and businesses. The Worker, Homeownership and Business Assistance Act of 2009, H.R. 3548, passed the House by an overwhelmingly bipartisan vote of 403 to 12.  Rep. Edwards introduced H.R. 3773, the House companion to legislation introduced in the Senate to extend the first-time homebuyers’ tax credit for six months. 

“Extending the first-time homebuyers’ tax credit is critical to help communities in Maryland’s 4th Congressional District and across the country dealing with high foreclosure rates continue a recovery in the housing market,” said Rep. Edwards.  “Stabilizing and strengthening the housing market is a key component to helping families and the overall economy get through these difficult times.”

The bill includes an extension of the $8,000 first-time homebuyers’ tax credit through April 30, 2010, and provides a $6,500 credit to new 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.

The bill will also provide immediate assistance and extend relief to millions of workers, families, and businesses nationwide. In Maryland, the legislation provides families with 14 weeks of additional benefits.  The extension is fully paid for and will provide immediate, effective stimulus to the local economy. The Congressional Budget Office has cited unemployment benefits as one of the most cost-effective forms of economic stimulus, with every dollar spent on unemployment benefits generating $1.63 in new demand, according to Moody’s chief economist Mark Zandi.

“Extending unemployment benefits will provide needed and immediate relief to struggling Marylanders who have lost, or are on the verge of losing, their unemployment benefits, while stimulating our local economy,” said Rep. Edwards. “Families receiving these benefits will help them afford daily necessities, while putting money back into the economy by buying groceries, filling their cars with gas, and paying their utility bills.” 

To breathe life back into American businesses suffering from huge losses, this bill also allows U.S. companies to carry back losses incurred in either 2008 or 2009 against income earned in any of the five prior years.   

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