Washington, D.C. – November 5, 2009 – (RealEstateRama) – Congresswoman Dina Titus of Nevada’s Third District voted today in support of important legislation that extends both unemployment benefits for Southern Nevadans during this tough economic time and the first-time homebuyer tax credit which has given a boost to Nevada’s struggling housing market.
“With Nevada’s unemployment at record levels, it is critical that we continue to make job creation a top priority,” Congresswoman Titus said. “But while we work to bring good jobs to Southern Nevada, extending unemployment benefits will help people ride out this economic storm, and for many families it can make the difference between losing a home to foreclosure and getting back on their feet. A vital component to our economic recovery is ending the foreclosure crisis that has swept Nevada. The first-time homebuyer tax credit included in the Recovery Act’s largest package of tax cuts in history, has helped stimulate Southern Nevada’s housing market and this important extension will further boost its effects.”
The legislation, which passed with broad bipartisan support, will provide families in all states with 14 weeks of additional benefits and six more weeks to the 27 states with the highest unemployment rates, making workers in these high unemployment states like Nevada eligible for a total of 20 additional weeks of emergency unemployment compensation.
In addition, the bill includes an extension of the $8,000 first-time homebuyer tax credit through April 30, 2010, and provides a $6,500 credit to new purchasers who have lived in their current residence, for five years or more. It also helps military families struggling to make mortgage payments by making those payments tax-exempt. A study by the National Association of REALTORS shows that in Nevada the tax credit will bring an estimated 18,300 additional buyers into the market and 45,800 first-time buyers will be able to take advantage of the tax credit.
Finally, American businesses that have suffered large losses during the recession will benefit from a provision to allow U.S. companies to carry back losses incurred in either 2008 or 2009 against income earned in any of the five prior years.