Moran Votes to Extend Homebuyers’ Credit, Unemployment Safety Net & Tax Relief for Businesses, Military Families

Washington, DC – Today, Congressman Jim Moran 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. Passed overwhelmingly by the House in a vote of 403 to12, the Emergency Unemployment Compensation Extension Act will extend relief to millions of workers, families, and businesses nationwide.

“This extension is paid for in full and will provide a welcome boost to Northern Virginia’s real-estate market and business community,” said Moran following the vote. “It will also lend a hand to military families that are having a hard time paying the bills.”
 
The legislation extends the $8,000 first-time homebuyer 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 helps military families struggling to make mortgage payments by making those payments tax-exempt. The bill also allows American businesses to carry back losses incurred in either 2008 or 2009 against income earned in any of the five prior years.   

The independent, non-partisan Congressional Budget Office identifies unemployment benefits as among the most cost-effective forms of economic stimulus. Every dollar spent on unemployment benefits generates $1.63 in new demand, according to Moody’s chief economist Mark Zandi. The measure passed today will extend the unemployment safety net for every state by 14 weeks.

 “The families who receive these benefits will be putting money right back into our local economy – buying groceries, filling their cars with gas, and making their mortgage payments on time,” said Moran. “For some people in Northern Virginia- and certainly for those in parts of the Commonwealth with jobless rates exceeding 20 percent- this is welcomed relief.”