Shimkus Supports Extension Of Unemployment Benefits

Press Release

Congressman John Shimkus (R, Illinois-19) voted for final passage of the Unemployment Compensation Extension Act (HR 3548) on November 5. This version of the legislation had already passed the Senate and now goes to the President for his signature to become law.

The legislation would extend unemployment benefits for 14 weeks or 20 weeks in states with unemployment rates above 8.5 percent. This would bring the total unemployment benefits in state with unemployment above 8.5 percent to a record total of 99 weeks.

"While many of the policy decisions coming out of Washington are not conducive to job creation, we have to do what we can to assist those out of work in a very bad economic climate," Shimkus said. "I wish we were doing taking more positive actions than just helping the unemployed.

"One proactive move in this bill is the extension of the homebuyer's tax credit," he noted.

The current $8,000 maximum first time homebuyers tax credit will be extended through May 1, 2010. In addition current homeowners may be eligible for a $6,500 maximum homebuyer's tax credit if they have lived in the same principal residence for at least five of the last eight years. The income limits on these tax credits were also expanded.

Also contained in this legislation is an expansion of the net operating loss carryback. In the stimulus the carryback was extended from two years to five years. In this legislation we remove the gross receipts limitations for taking advantage of this carryback.

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