Home Buyer Tax Credit Expansion Goes to Obama

Washington, DC, Nov. 6, 2009--The U.S. House of Representatives on Thursday approved an extension of jobless benefits and a tax credit for home buyers, sending the measure to President Barack Obama for signature.

The bill, approved unanimously by the Senate late Wednesday, extends unemployment benefits for up to 20 weeks.

It also keeps a first-time home buyer tax credit alive until next spring, and expands it to include some people who already own a house.

The bill extends jobless benefits in all states for 14 weeks, and for up to 20 weeks in states where the unemployment rate is above 8.5%.

An $8,000 credit for first-time home buyers now set to expire this month is extended through April 30 under the bill.

The bill also allows people who have lived in a home for at least five years to claim a $6,500 credit if they purchase a new home.

The bill also includes a tax provision allowing small businesses to write off losses they incurred during the recession.