Senator Johanns today voted for legislation that provides relief to struggling families by extending unemployment benefits, net operating loss tax relief to businesses, and the first-time homebuyer tax credit. The Senate passed the Worker, Homeownership and Business Assistance Act by a 98-0 vote earlier this evening.
"I support extending benefits at a time when unemployment is high and our economy is slow," Johanns said. "Although I would like to have seen the unemployment extension paid for by stimulus money, provisions included in this bill provide much-needed aid to struggling families, and help to get our housing market back on track."
Senator Johanns was disappointed that Republican amendments, including his own, which would have paid for the increased benefits using stimulus money, were prohibited by Senate Democrat Leadership.
BACKGROUND
Extending Unemployment Insurance Benefits
Provides a 14 week extension of unemployment benefits to all states.
Provides an additional six weeks extension for states with unemployment over 8.5%.
Extending Homebuyer Tax Credit
Extends and enhances the current $8,000 tax credit for an additional five months, from November 30, 2009 to April 30, 2010.
Provides a $6500 credit for non-first time homebuyers who have been in their current residence for the last five years or more.
Caps total cost of homes eligible at $800,000.
Includes provisions to avoid misuse or fraud.
Extending Net Operating Loss
Allows all businesses to carry back net operating losses for up to five years for losses in either 2008 or 2009.
Helps alleviate these tough economic times by giving a tax-break to businesses experiencing economic losses to help them keep their doors open and employ citizens.