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Skelton says new law helps PCSing military homeowners, unemployed
Skelton says new law helps PCSing military homeowners, unemployed

Congressman Ike Skelton
WASHINGTON, D.C. (Nov. 5, 2009) — Today, Congressman Ike Skelton (D-Mo.) announced that Congress has approved H.R. 3548, the Worker, Homeownership and Business Assistance Act. The bipartisan legislation would extend unemployment benefits for 14 weeks and for six weeks in states with unemployment rates above 8.5 percent. Missouri’s unemployment rate was 9.5 percent in September 2009.

“The Worker, Homeownership and Business Assistance Act will provide critical relief for thousands of Missourians who are struggling to find work in this challenging economy and to pay for daily essentials like groceries and child care, and extend important provisions in tax law that are generating economic activity and assisting small businesses.

“I am pleased that H.R. 3548 extends the first-time homebuyer tax credit until April 30, 2010, and expands the credit to other qualifying homebuyers. This tax credit, which was enacted as part of the American Recovery and Reinvestment Act, has stimulated home sales and helped to stabilize home prices across the nation.

“Important to military personnel and their families, the legislation will allow them to fully participate in the first-time homebuyer tax credit program and will make payments tax exempt under the Military Homeowner Assistance Program, which helps military families recoup costs associated with selling a home that has declined in value and they were forced to sell because of a base closure or a change in military orders. I worked to pass this legislation in the House several weeks ago and was pleased to see it will be sent to the President as part of H.R. 3548.

“For businesses experiencing economic losses in the recession, H.R. 3548 extends tax relief set forth by the Recovery Act. The bill allows businesses to carry back net operating losses for up to five years for losses incurred in 2008 or 2009. Small businesses, which are the backbone of the Missouri economy, who have already elected to carry back 2008 losses will be allowed to carry back losses from 2009. This tax policy change is important to the small business community,” said Skelton.

Today, the U.S. House of Representatives approved H.R. 3548 by a vote of 403 to 12. The U.S. Senate approved the legislation on Nov. 4 by a vote of 98 to 0. H.R. 3548 will now be sent to the President. He has indicated that he will sign the bill into law.

Congressman Ike Skelton (D-Mo.) serves as chairman of the House Armed Services Committee. Congressman Skelton’s website is at www.house.gov/skelton.

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