Vital homebuyer's bill would extend tax credit and unemployment benefits

The Worker, Homeownership, and Business Assistance Act of 2009 would extend the homebuyer’s tax credit until April, 2010.

Today, U.S. Senator Patty MurrayPatty Murray delivered a speech on the floor of the Senate urging her colleagues to support the Worker, Homeownership, and Business Assistance Act of 2009. This bill would expand and extend the successful Homebuyer’s tax credit program that has allowed families to purchase homes and has helped stabilize the weakened housing market.

The bill would also provide a critical boost to businesses in Washington State and across the country by extending their ability to carry back losses they’ve suffered in 2008 or 2009. And it would help an estimated 18,000 unemployed Washington state residents by extending their benefits by up to 20 weeks while they look for a job.

In her speech, Senator Murray told the stories of three Washington state families who have contacted her about extending unemployment benefits. Senator Murray mentioned Bill and Patricia Proffit from Littlerock, Donna Dettling from Olympia, and Barbara Headrick from Monroe.

The Worker, Homeownership, and Business Assistance Act of 2009 would:

· Continue the $8,000 first-time homebuyer credit through April 30, 2010 and provide a $6,500 credit to new purchasers who have lived in their current residence for five or more years.

· Extend unemployment insurance by up to 14 additional weeks for jobless workers; and extend benefits for six additional weeks for workers in states with unemployment levels over 8.5 percent—such as Washington.

· Extend and expand the carry back provision to allow all businesses to carry back losses incurred in 2008 or 2009 for five years.

Murray has spoken on the floor twice before about the need for the unemployment benefits extension. She spoke two weeks ago urging passage, and then again last week urging her colleagues to act quickly.

Key excerpts from Senator Murray’s speech:

“This program has already helped so many families purchase their first homes, and this bill will extend the $8,000 credit to first time homebuyers through the end of April, 2010. It would also expand the program—providing a $6,500 credit to new purchasers who have lived in their current home for five years or more. These programs will not only help families move into new homes, they would also increase liquidity and provide a shot in the arm to housing markets that still need support.”

“I received letters from families telling me they want to purchase a new home, but won’t be able to close in time to get the credit, and wouldn’t be able to afford the home without it. And thousands of home builders, construction workers, and real estate agents have contacted me telling me how successful this credit has been, and how an extension and expansion would create jobs and give the housing market another strong push forward.”

“These families have been coming to me with their stories—and I am committed to fighting to ensure they have every opportunity to get back on their feet. That is why I rise today to urge my colleagues to support the Worker, Homeownership, and Business Assistance Act of 2009. And I am proud to be a co-sponsor of this bill that will give families and businesses in Washington state and across the country the support they need to get back on their feet.”

“We cannot sit by as working families are pushed to the brink by a financial crisis they didn’t create, but are still paying for. We need to pass this legislation.”

***Source: press release from Senator Patty Murray’s office. No copyright restrictions.

CONTACT: Murray Press Office Tuesday, November 3, 2009 (202) 224-2834