Washington, D.C. -— Rep. Bob Etheridge, the only North Carolina member of the House Ways and Means Committee, voted to improve North Carolina’s economy and provide stability to North Carolina families hard-hit by the economic downturn.
The Emergency Unemployment Compensation Extension Act will provide immediate assistance to the unemployed, create new jobs with tax credits that target hard-hit businesses, and help all Americans fulfill their dreams of homeownership by extending the homebuyer tax credit.
“In North Carolina, unemployment has been in the double digits for several months. Although economists tell us things are turning around, families do not feel it,” Etheridge said. “This legislation will create jobs by supporting critical local businesses, and will help individuals put food on the table for their families until they can find new employment.”
The bill makes valuable investments for small businesses and first-time homebuyers that will create jobs. H.R. 3548 extends the $8,000 first-time homebuyer tax credit through April 30, 2010 and provides a new $6,500 credit for homebuyers who have been in their current residence for the last five years or more. These credits benefit our flagging housing industry and the millions of jobs throughout this sector whether it is real estate, construction, or the building supply chain. H.R. 3548 also, for the first time, allows small businesses to decrease their tax burden by spreading financial losses in 2008 and 2009 against income they earned in any of the five previous years.
The legislation will provide families in all states with 14 weeks of additional benefits, and six additional weeks to the 27 states with the highest unemployment rates, including North Carolina. Workers in these high unemployment states who have exhausted their benefits will be eligible for 20 more weeks of emergency unemployment compensation.
The unemployment benefits extension, or H.R. 3548, is fully paid for and will provide immediate and direct stimulus to the local economy. The Congressional Budget Office has cited unemployment benefits as one of the most cost-effective forms of economic investment.
“The families who receive these benefits will be putting money right back into our local economy — buying groceries, filling their cars with gas, and making their mortgage payments on time,” Etheridge said. “The tax credits in this bill will help restore our fiscal health so we can get back on track, grow our economy, and put Americans back to work.”