"This bill lends a hand to nearly two million Americans whose unemployment insurance is set to run out by the end of the year," House Majority Leader Steny Hoyer (D-MD) said on the House floor prior to today's vote. "Many of them are middle-class Americans who lost their jobs without warning," he added.

The final version of the unemployment bill contains language -- based on a proposal by Sen. Johnny Isakson (R-GA) -- that would extend and expand the first-time homebuyer tax credit by continuing the $8,000 first-time homebuyer credit through April 30, 2010, and also allowing a $6,500 credit for homebuyers who have lived in their current residences for five years or more. The credit also will be available to those who sign a contract by May 1st and close on the home by July 1st. The annual income ceiling to qualify for the credit will be raised to $125,000 for individuals and $225,000 for joint filers.

In addition, the legislation allows U.S. companies to deduct net operating losses incurred in either 2008 or 2009 against income earned in any of the five prior years (limited to 50 percent of companies' income in the fifth year).

While the unemployment benefits extension is paid for via an extension of the federal unemployment tax, the homebuyer tax credit and "carryback" provisions are offset by delaying implementation of a tax break for multinational corporations with respect to worldwide allocation of interest, and increasing the penalty for failure to file a partnership or S corporation tax return.