Davis Votes For Extension Of Unemployment Benefits, Homebuyer Tax Break And Small Business Assistance

Press Release

U.S. Rep. Lincoln Davis today voted to provide stability to 4th District families hit hardest by the recession by extending unemployment benefits, the homebuyers' tax break, and tax relief for military families and small businesses. Having already passed the Senate, this legislation is expected to be signed into law in the coming days.

"I am very proud to support this legislation that does not add to our deficit and helps our families and small businesses that are struggling during this time," said Davis.

The legislation will extend jobless benefits by 14 weeks for unemployed workers in every state, and an additional six weeks in states, including Tennessee, where unemployment is above 8.5%.

The bill includes an extension of 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 also helps military families struggling to make mortgage payments by making those payments tax-exempt.

Also, this bill allows companies that incurred losses in either 2008 or 2009 to seek refunds for taxes paid on profits during the past five years.

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