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Gordon votes for assistance bills, homebuyer tax credit


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Congressman Bart Gordon voted in support of legislation today to extend tax credits and provide stability for American families. The U.S. House of Representatives passed the bipartisan Worker, Homeownership and Business Assistance Act by an overwhelming vote of 403 to 12. The bill will now be sent to the President to be signed into law.

“This bill will expand and improve the homebuyer tax credit, which has been successful in Tennessee where more than 35,000 people have taken advantage of it,” said Gordon. “By increasing housing demand, the homebuyer tax credit has been effective in stabilizing the housing market and strengthening the economy.”

The bill extends the $8,000 first-time homebuyer tax credit through April 30, 2010, which was set to expire on November 31, 2009. Additionally, it will provide a $6,500 credit to new purchasers who have lived in their current residence for five years or more out of the previous eight years.

The legislation also allows businesses to use net operating losses from 2008 or 2009 to offset profits from five previous years, up from two years. In many cases, that would result in refunds for struggling businesses. This provision builds off of similar tax measures included in the Stimulus bill, which businesses have identified as a key stabilizing tool.

“The tax relief this bill provides will really help struggling small businesses, an essential component to Tennessee’s economy where more than 95% of our state’s private workforce is employed by small businesses.” added Gordon.

The bill also extends unemployment insurance by up to 20 weeks for workers in Tennessee. Having already been approved by the Senate, the legislation now heads to the President who has indicated that he will sign it into law.
 
 
 
Tagged under  Gordon, homebuyer tax credit


Member Opinions:
By: Farmall on 11/6/09
Gordon's not going to pass up a chance to give my money away.

By: nd88 on 11/6/09
What about the people who have bought a house in the last 2 or 3 years? We're too late for the Homebuyer's tax credit, but haven't been in the house long enough for the added tax credit. Are we just screwed because we haven't defaulted or bought a house that we couldn't afford? I guess it sucks for you if you have been a responsible, smart homebuyer.

By: Geana on 11/6/09
"Additionally, it will provide a $6,500 credit to new purchasers who have lived in their current residence for five years or more out of the previous eight years."

This I will need to look into more. Does this mean someone who purchased a home in 2003 is now entitled to a 6500 credit?



By: driveguy on 11/6/09
Geana,
No, I think this means that if you purchase a new home and have lived in the house you now own or you and the bank own, for more thasn 5 years, you would be eligible. This credit now includes current homeowners rather than just first time buyers.

By: ebbabc on 11/6/09
In my opinion these lunatics have been running the asylum in DC far too long. Time to vote the entire lot out of office.

By: SocEtTuem on 11/7/09
Gordon spends taxpayer money like a drunken sailor. Now comes the great health care scam. Stand by for heavy taxes. Thanks, Bart.

By: Geana on 11/7/09
Thank you Driveguy. Seems I would qualify, but if or how it would help me personally remains to be seen at the end of the year when I file my taxes.

"The U.S. House of Representatives passed the bipartisan Worker, Homeownership and Business Assistance Act by an overwhelming vote of 403 to 12."

Gordon and 402 others are doing everything they possibly can to relieve homeowners and small businesses. I realize some of you are not struggling, but there are so many more of us who are. It is not only your taxpayer money, but of us who may be getting some help and relief back. We deserve it as much.

Last week employees at my job lost our health insurance coverage after our company being in the red for months. Our job security is very shaky right now at best. Because we are non-profit, we will not be eligible for unemployment benefits, if the company goes under. It is what it is.

Frankly I'm so sick and tired of all parties right now. Sick of watching the division amongst the people. I may be disillusioned and greatly discouraged but I feel if there could be another civil war today, there would be. That's how bad it's becoming.

How about we take party lines out of government entirely and just start nominating and voting for people who will get the job done.


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