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Isakson Looks to Continue Home
Buyer Tax Credit via Unemployment Extension Bill
Friday, October 23, 2009
11:45 AM
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Senator Johnny Isakson (R-GA) intends to propose an amendment
to the Unemployment Compensation Extension Act
(H.R. 3548) that would extend and expand the $8,000 home buyer
tax credit through June 30, 2010, by removing the first-time
home buyer requirement and raising the annual income ceilings
to $150,000 for individuals and $300,000 for married couples.
Only first-time home buyers currently qualify for the tax
credit, which was enacted under the Economic Recovery and
Reinvestment Act (P.L.
111-5), and is set to expire on Nov. 30, 2009. Isakson's
proposal is estimated to cost $16.7 billion over five years.
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Senate Democratic and Republican leaders yesterday agreed to
postpone today's scheduled vote on whether to proceed to
consideration of the unemployment benefits extension
legislation. That vote will now occur on Tuesday, Oct. 27. The
body is expected to vote in favor of moving to the bill and
then begin debate on amendments. Senate Majority Leader Harry
Reid (D-NV) has been seeking an agreement with the Republican
leadership on a set list of amendments, an objective
that in part has slowed the bill's movement in the
Senate.
As passed by the House, H.R. 3548 would extend unemployment
benefits to states where the unemployment rate is 8.5 percent
or higher. However, Reid and Senate Finance Chairman Max
Baucus (D-MT) are expected to offer a substitute amendment to
the House-passed bill that would provide an extension to all
50 states by up to 14 weeks, and up to 20 weeks for states
with unemployment levels exceeding 8.5 percent. The cost of
both proposals would be offset by extending the federal
unemployment tax.
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"Next week will be
a busy week," Reid said yesterday during a floor statement.
"We hope to complete action on the Unemployment Insurance
Extension Act, Commerce-Justice-Science Appropriations, and
Military Construction Appropriations. We also need to pass a
continuing resolution before the end of the week." |
© Copyright
Capitol Hill Reports, Inc. (2009). No claim to original government
works.
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