Gordon Votes for Critical Assistance for Homebuyers, Businesses and Unemployed

November 5, 2009, WASHINGTON, D.C. – Congressman Bart Gordon voted in support of legislation today to extend tax credits and provide stability for American families.  The U.S. House of Representatives passed the bipartisan Worker, Homeownership and Business Assistance Act by an overwhelming vote of 403 to 12.  The bill will now be sent to the President to be signed into law. 

“This bill will expand and improve the homebuyer tax credit, which has been successful in Tennessee where more than 35,000 people have taken advantage of it,” said Gordon.  “By increasing housing demand, the homebuyer tax credit has been effective in stabilizing the housing market and strengthening the economy.”

The bill extends the $8,000 first-time homebuyer tax credit through April 30, 2010, which was set to expire on November 31, 2009.  Additionally, it will provide a $6,500 credit to new purchasers who have lived in their current residence for five years or more out of the previous eight years. 

The legislation also allows businesses to use net operating losses from 2008 or 2009 to offset profits from five previous years, up from two years.  In many cases, that would result in refunds for struggling businesses.  This provision builds off of similar tax measures included in the Stimulus bill, which businesses have identified as a key stabilizing tool.

“The tax relief this bill provides will really help struggling small businesses, an essential component to Tennessee’s economy where more than 95% of our state’s private workforce is employed by small businesses.” added Gordon. 

The bill also extends unemployment insurance by up to 20 weeks for workers in Tennessee.  Having already been approved by the Senate, the legislation now heads to the President who has indicated that he will sign it into law.