Snap Fact #135

Post date: Mar 20, 2012 12:40:57 AM

Snap Fact #135

Worker, Home Ownership, and Business Assistance Act of 2009 was one of the foundations the President laid for the recovery!

Under the support of President Obama, the Worker, Homeownership, and Business Assistant Act of 2009 was passed by Congress and signed by the President in order to expand unemployment compensation benefits by providing 14 weeks of extended benefit coverage for all states and the total of 26 weeks in states with high unemployment (in order to qualify for this, there must be a minimum of 8.5% unemployment rate in the state) and extend homebuyer credits. Specifically, long time homeowners buying a new house may have a tax credit up to $6,700 as long as they bought another one between November 7, 2009 and April 30, 2010.

Sources:

http://www.opencongress.org/bill/111-h3548/show

http://www.calt.iastate.edu/briefs/CALT%20Legal%20Brief-%20Tax%20Provisions%20Act%20of%202009.pdf

http://www.govtrack.us/congress/bill.xpd?bill=h111-3548

http://www.whitehouse.gov/the-press-office/fact-sheet-worker-homeownership-and-business-assistance-act-2009

This Bill had four major goals which were stated in the White House Fact Sheet at the time of the Bill's passage.

1. Strengthens the Safety Net for Workers Who Cannot Find Jobs – Immediately Helping 700,000 People and Eventually Helping Over a Million.

2. Creates Jobs by Cutting Taxes for Struggling Businesses.

3. Extends and Expands the Homebuyer Credit with Strong Anti-Fraud Measures.

4. Other Steps to Close the Deficit and Strengthen the Economy. The legislation pays for these new steps, principally by postponing tax provisions benefiting U.S. multinational corporations. It also helps military families by clarifying that military base realignment and closure payments – added as part of the recovery act – are tax exempt.