Worker, Homeownership and Business Assistance Act of 2009

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House Passes Worker, Homeownership, and Business Assistance Act of 2009

The U.S. House of Representatives approved essential legislation to stimulate the economy and provide stability to American families. The House Passed H.R. 3548, the Worker, Homeownership and Business Assistance Act of 2009 by an overwhelmingly bipartisan vote of 403 to 12. President Obama signed the legislation into law on November 6, 2009. The legislation will help continue America’s economic recovery by extending unemployment benefits for millions of workers looking for jobs, as well as extending, expanding and improving the homebuyer tax credit, and providing tax relief for military families and businesses. Many of the provisions in today’s legislation originated in the Committee on Ways and Means, and Committee leaders offered the following statements upon passage:

"Passage of this bill will give critical benefits to the millions of unemployed workers struggling in the current downturn, giving them some measure of relief while they search for the next opportunity to build a brighter future for their families,” said Ways and Means Committee Chairman Charles B. Rangel (D-NY). “This legislation also extends the homebuyer tax credit and provides tax relief for struggling businesses to build upon recent gains in the housing market and give American companies a foundation for future growth."

“The American people deserve and have earned this help,” said Ways and Means Income Security and Family Support Subcommittee Chairman Jim McDermott (D-WA). “We cannot forget that we’re not yet out of the woods, especially for Americans who are struggling to find a job in an economy where 6 people are competing for every available job. Economists continue to project rising unemployment numbers and Congress will need to act again before the end of this year to allow the extended UI benefits to continue into 2010.”

"I am pleased that the legislation extends the first-time homebuyer credit with improvements needed to enhance its administration," said Ways and Means Subcommittee on Oversight Chairman John Lewis (D-GA). "This tax credit is an important resource for families who want to purchase a home and a vital part of our economic recovery efforts. Thus far, this credit has helped over 1.4 million households, the majority of whom have incomes below $50,000. This legislation would help even more moderate-income families fulfill the American dream."

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