[Pages H12381-H12390]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
UNEMPLOYMENT COMPENSATION EXTENSION ACT OF 2009
Mr. RANGEL. Mr. Speaker, I move to suspend the rules and concur in
the Senate amendment to the bill (H.R. 3548) to amend the Supplemental
Appropriations Act, 2008 to provide for the temporary availability of
certain additional emergency unemployment compensation, and for other
purposes.
The Clerk read the title of the bill.
The text of the Senate amendment is as follows:
Senate amendment:
Strike all after the enacting clause and insert the
following:
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Worker, Homeownership, and
Business Assistance Act of 2009''.
SEC. 2. REVISIONS TO SECOND-TIER BENEFITS.
(a) In General.--Section 4002(c) of the Supplemental
Appropriations Act, 2008 (Public Law 110-252; 26 U.S.C. 3304
note) is amended--
(1) in paragraph (1)--
(A) in the matter preceding subparagraph (A), by striking
``If'' and all that follows through ``paragraph (2))'' and
inserting ``At the time that the amount established in an
individual's account under subsection (b)(1) is exhausted'';
(B) in subparagraph (A), by striking ``50 percent'' and
inserting ``54 percent''; and
(C) in subparagraph (B), by striking ``13'' and inserting
``14'';
(2) by striking paragraph (2); and
(3) by redesignating paragraph (3) as paragraph (2).
(b) Effective Date.--The amendments made by this section
shall apply as if included in the enactment of the
Supplemental Appropriations Act, 2008, except that no amount
shall be payable by virtue of such amendments with respect to
any week of unemployment commencing before the date of the
enactment of this Act.
SEC. 3. THIRD-TIER EMERGENCY UNEMPLOYMENT COMPENSATION.
(a) In General.--Section 4002 of the Supplemental
Appropriations Act, 2008 (Public Law 110-252; 26 U.S.C. 3304
note) is amended by adding at the end the following new
subsection:
``(d) Third-tier Emergency Unemployment Compensation.--
``(1) In general.--If, at the time that the amount added to
an individual's account under subsection (c)(1) (hereinafter
`second-tier emergency unemployment compensation') is
exhausted or at any time thereafter, such individual's State
is in an extended benefit period (as determined under
paragraph (2)), such account shall be further augmented by an
amount (hereinafter `third-tier emergency unemployment
compensation') equal to the lesser of--
``(A) 50 percent of the total amount of regular
compensation (including dependents' allowances) payable to
the individual during the individual's benefit year under the
State law; or
``(B) 13 times the individual's average weekly benefit
amount (as determined under subsection (b)(2)) for the
benefit year.
``(2) Extended benefit period.--For purposes of paragraph
(1), a State shall be considered to be in an extended benefit
period, as of any given time, if--
``(A) such a period would then be in effect for such State
under such Act if section 203(d) of such Act--
``(i) were applied by substituting `4' for `5' each place
it appears; and
``(ii) did not include the requirement under paragraph
(1)(A) thereof; or
``(B) such a period would then be in effect for such State
under such Act if--
``(i) section 203(f) of such Act were applied to such State
(regardless of whether the State by law had provided for such
application); and
``(ii) such section 203(f)--
``(I) were applied by substituting `6.0' for `6.5' in
paragraph (1)(A)(i) thereof; and
``(II) did not include the requirement under paragraph
(1)(A)(ii) thereof.
``(3) Limitation.--The account of an individual may be
augmented not more than once under this subsection.''.
(b) Conforming Amendment to Non-augmentation Rule.--Section
4007(b)(2) of the Supplemental Appropriations Act, 2008
(Public Law 110-252; 26 U.S.C. 3304 note) is amended--
(1) by striking ``then section 4002(c)'' and inserting
``then subsections (c) and (d) of section 4002''; and
(2) by striking ``paragraph (2) of such section)'' and
inserting ``paragraph (2) of such subsection (c) or (d) (as
the case may be))''.
(c) Effective Date.--The amendments made by this section
shall apply as if included in the enactment of the
Supplemental Appropriations Act, 2008, except that no amount
shall be payable by virtue of such amendments with respect to
any week of unemployment commencing before the date of the
enactment of this Act.
SEC. 4. FOURTH-TIER EMERGENCY UNEMPLOYMENT COMPENSATION.
(a) In General.--Section 4002 of the Supplemental
Appropriations Act, 2008 (Public Law 110-252; 26 U.S.C. 3304
note), as amended by section 3(a), is amended by adding at
the end the following new subsection:
``(e) Fourth-tier Emergency Unemployment Compensation.--
``(1) In general.--If, at the time that the amount added to
an individual's account under subsection (d)(1) (third-tier
emergency unemployment compensation) is exhausted or at any
time thereafter, such individual's State is in an extended
benefit period (as determined under paragraph (2)), such
account shall be further augmented by an amount (hereinafter
`fourth-tier emergency unemployment compensation') equal to
the lesser of--
``(A) 24 percent of the total amount of regular
compensation (including dependents' allowances) payable to
the individual during the individual's benefit year under the
State law; or
``(B) 6 times the individual's average weekly benefit
amount (as determined under subsection (b)(2)) for the
benefit year.
``(2) Extended benefit period.--For purposes of paragraph
(1), a State shall be considered to be in an extended benefit
period, as of any given time, if--
``(A) such a period would then be in effect for such State
under such Act if section 203(d) of such Act--
``(i) were applied by substituting `6' for `5' each place
it appears; and
``(ii) did not include the requirement under paragraph
(1)(A) thereof; or
``(B) such a period would then be in effect for such State
under such Act if--
``(i) section 203(f) of such Act were applied to such State
(regardless of whether the State by law had provided for such
application); and
``(ii) such section 203(f)--
``(I) were applied by substituting `8.5' for `6.5' in
paragraph (1)(A)(i) thereof; and
``(II) did not include the requirement under paragraph
(1)(A)(ii) thereof.
``(3) Limitation.--The account of an individual may be
augmented not more than once under this subsection.''.
(b) Conforming Amendment to Non-augmentation Rule.--Section
4007(b)(2) of the Supplemental Appropriations Act, 2008
(Public Law 110-252; 26 U.S.C. 3304 note), as amended by
section 3(b), is amended--
(1) by striking ``and (d)'' and inserting ``, (d), and (e)
of section 4002''; and
(2) by striking ``or (d)'' and inserting ``, (d), or (e)
(as the case may be))''.
(c) Effective Date.--The amendments made by this section
shall apply as if included in the enactment of the
Supplemental Appropriations Act, 2008, except that no amount
shall be payable by virtue of such amendments with respect to
any week of unemployment commencing before the date of the
enactment of this Act.
SEC. 5. COORDINATION.
Section 4002 of the Supplemental Appropriations Act, 2008
(Public Law 110-252; 26 U.S.C. 3304 note), as amended by
section 4, is amended by adding at the end the following new
subsection:
``(f) Coordination Rules.--
``(1) Coordination with extended compensation.--
Notwithstanding an election under section 4001(e) by a State
to provide for the payment of emergency unemployment
compensation prior to extended compensation, such State may
pay extended compensation to an otherwise eligible individual
prior to any emergency unemployment compensation under
subsection (c), (d), or (e) (by reason of the amendments made
by sections 2, 3, and 4 of the Worker, Homeownership, and
Business Assistance Act of 2009), if such individual claimed
extended compensation
[[Page H12382]]
for at least 1 week of unemployment after the exhaustion of
emergency unemployment compensation under subsection (b) (as
such subsection was in effect on the day before the date of
the enactment of this subsection).
``(2) Coordination with tiers ii, iii, and iv.--If a State
determines that implementation of the increased entitlement
to second-tier emergency unemployment compensation by reason
of the amendments made by section 2 of the Worker,
Homeownership, and Business Assistance Act of 2009 would
unduly delay the prompt payment of emergency unemployment
compensation under this title by reason of the amendments
made by such Act, such State may elect to pay third-tier
emergency unemployment compensation prior to the payment of
such increased second-tier emergency unemployment
compensation until such time as such State determines that
such increased second-tier emergency unemployment
compensation may be paid without such undue delay. If a State
makes the election under the preceding sentence, then, for
purposes of determining whether an account may be augmented
for fourth-tier emergency unemployment compensation under
subsection (e), such State shall treat the date of exhaustion
of such increased second-tier emergency unemployment
compensation as the date of exhaustion of third-tier
emergency unemployment compensation, if such date is later
than the date of exhaustion of the third-tier emergency
unemployment compensation.''.
SEC. 6. TRANSFER OF FUNDS.
Section 4004(e)(1) of the Supplemental Appropriations Act,
2008 (Public Law 110-252; 26 U.S.C. 3304 note) is amended by
striking ``Act;'' and inserting ``Act and sections 2, 3, and
4 of the Worker, Homeownership, and Business Assistance Act
of 2009;''.
SEC. 7. EXPANSION OF MODERNIZATION GRANTS FOR UNEMPLOYMENT
RESULTING FROM COMPELLING FAMILY REASON.
(a) In General.--Clause (i) of section 903(f)(3)(B) of the
Social Security Act (42 U.S.C. 1103(f)(3)(B)) is amended to
read as follows:
``(i) One or both of the following offenses as selected by
the State, but in making such selection, the resulting change
in the State law shall not supercede any other provision of
law relating to unemployment insurance to the extent that
such other provision provides broader access to unemployment
benefits for victims of such selected offense or offenses:
``(I) Domestic violence, verified by such reasonable and
confidential documentation as the State law may require,
which causes the individual reasonably to believe that such
individual's continued employment would jeopardize the safety
of the individual or of any member of the individual's
immediate family (as defined by the Secretary of Labor); and
``(II) Sexual assault, verified by such reasonable and
confidential documentation as the State law may require,
which causes the individual reasonably to believe that such
individual's continued employment would jeopardize the safety
of the individual or of any member of the individual's
immediate family (as defined by the Secretary of Labor).''.
(b) Effective Date.--The amendment made by this section
shall apply with respect to State applications submitted on
and after January 1, 2010.
SEC. 8. TREATMENT OF ADDITIONAL REGULAR COMPENSATION.
The monthly equivalent of any additional compensation paid
by reason of section 2002 of the Assistance for Unemployed
Workers and Struggling Families Act, as contained in Public
Law 111-5 (26 U.S.C. 3304 note; 123 Stat. 438) shall be
disregarded after the date of the enactment of this Act in
considering the amount of income and assets of an individual
for purposes of determining such individual's eligibility
for, or amount of, benefits under the Supplemental Nutrition
Assistance Program (SNAP).
SEC. 9. ADDITIONAL EXTENDED UNEMPLOYMENT BENEFITS UNDER THE
RAILROAD UNEMPLOYMENT INSURANCE ACT.
(a) Benefits.--Section 2(c)(2)(D) of the Railroad
Unemployment Insurance Act, as added by section 2006 of the
American Recovery and Reinvestment Act of 2009 (Public Law
111-5), is amended--
(1) in clause (iii)--
(A) by striking ``June 30, 2009'' and inserting ``June 30,
2010''; and
(B) by striking ``December 31, 2009'' and inserting
``December 31, 2010''; and
(2) by adding at the end of clause (iv) the following: ``In
addition to the amount appropriated by the preceding
sentence, out of any funds in the Treasury not otherwise
appropriated, there are appropriated $175,000,000 to cover
the cost of additional extended unemployment benefits
provided under this subparagraph, to remain available until
expended.''.
(b) Administrative Expenses.--Section 2006 of division B of
the American Recovery and Reinvestment Act of 2009 (Public
Law 111-5; 123 Stat. 445) is amended by adding at the end of
subsection (b) the following: ``In addition to funds
appropriated by the preceding sentence, out of any funds in
the Treasury not otherwise appropriated, there are
appropriated to the Railroad Retirement Board $807,000 to
cover the administrative expenses associated with the payment
of additional extended unemployment benefits under section
2(c)(2)(D) of the Railroad Unemployment Insurance Act, to
remain available until expended.''.
SEC. 10. 0.2 PERCENT FUTA SURTAX.
(a) In General.--Section 3301 of the Internal Revenue Code
of 1986 (relating to rate of tax) is amended--
(1) by striking ``through 2009'' in paragraph (1) and
inserting ``through 2010 and the first 6 months of calendar
year 2011'',
(2) by striking ``calendar year 2010'' in paragraph (2) and
inserting ``the remainder of calendar year 2011'', and
(3) by inserting ``(or portion of the calendar year)''
after ``during the calendar year''.
(b) Effective Date.--The amendments made by this section
shall apply to wages paid after December 31, 2009.
SEC. 11. EXTENSION AND MODIFICATION OF FIRST-TIME HOMEBUYER
TAX CREDIT.
(a) Extension of Application Period.--
(1) In general.--Subsection (h) of section 36 of the
Internal Revenue Code of 1986 is amended--
(A) by striking ``December 1, 2009'' and inserting ``May 1,
2010'',
(B) by striking ``Section.--This section'' and inserting
``Section.--
``(1) In general.--This section'', and
(C) by adding at the end the following new paragraph:
``(2) Exception in case of binding contract.--In the case
of any taxpayer who enters into a written binding contract
before May 1, 2010, to close on the purchase of a principal
residence before July 1, 2010, paragraph (1) shall be applied
by substituting `July 1, 2010' for `May 1, 2010'.''.
(2) Waiver of recapture.--
(A) In general.--Subparagraph (D) of section 36(f)(4) of
such Code is amended by striking ``, and before December 1,
2009''.
(B) Conforming amendment.--The heading of such subparagraph
(D) is amended by inserting ``and 2010'' after ``2009''.
(3) Election to treat purchase in prior year.--Subsection
(g) of section 36 of such Code is amended to read as follows:
``(g) Election To Treat Purchase in Prior Year.--In the
case of a purchase of a principal residence after December
31, 2008, a taxpayer may elect to treat such purchase as made
on December 31 of the calendar year preceding such purchase
for purposes of this section (other than subsections (c),
(f)(4)(D), and (h)).''.
(b) Special Rule for Long-time Residents of Same Principal
Residence.--Subsection (c) of section 36 of the Internal
Revenue Code of 1986 is amended by adding at the end the
following new paragraph:
``(6) Exception for long-time residents of same principal
residence.--In the case of an individual (and, if married,
such individual's spouse) who has owned and used the same
residence as such individual's principal residence for any 5-
consecutive-year period during the 8-year period ending on
the date of the purchase of a subsequent principal residence,
such individual shall be treated as a first-time homebuyer
for purposes of this section with respect to the purchase of
such subsequent residence.''.
(c) Modification of Dollar and Income Limitations.--
(1) Dollar limitation.--Subsection (b)(1) of section 36 of
the Internal Revenue Code of 1986 is amended by adding at the
end the following new subparagraph:
``(D) Special rule for long-time residents of same
principal residence.--In the case of a taxpayer to whom a
credit under subsection (a) is allowed by reason of
subsection (c)(6), subparagraphs (A), (B), and (C) shall be
applied by substituting `$6,500' for `$8,000' and `$3,250'
for `$4,000'.''.
(2) Income limitation.--Subsection (b)(2)(A)(i)(II) of
section 36 of such Code is amended by striking ``$75,000
($150,000'' and inserting ``$125,000 ($225,000''.
(d) Limitation on Purchase Price of Residence.--Subsection
(b) of section 36 of the Internal Revenue Code of 1986 is
amended by adding at the end the following new paragraph:
``(3) Limitation based on purchase price.--No credit shall
be allowed under subsection (a) for the purchase of any
residence if the purchase price of such residence exceeds
$800,000.''.
(e) Waiver of Recapture of First-time Homebuyer Credit for
Individuals on Qualified Official Extended Duty.--Paragraph
(4) of section 36(f) of the Internal Revenue Code of 1986 is
amended by adding at the end the following new subparagraph:
``(E) Special rule for members of the armed forces, etc.--
``(i) In general.--In the case of the disposition of a
principal residence by an individual (or a cessation referred
to in paragraph (2)) after December 31, 2008, in connection
with Government orders received by such individual, or such
individual's spouse, for qualified official extended duty
service--
``(I) paragraph (2) and subsection (d)(2) shall not apply
to such disposition (or cessation), and
``(II) if such residence was acquired before January 1,
2009, paragraph (1) shall not apply to the taxable year in
which such disposition (or cessation) occurs or any
subsequent taxable year.
``(ii) Qualified official extended duty service.--For
purposes of this section, the term `qualified official
extended duty service' means service on qualified official
extended duty as--
``(I) a member of the uniformed services,
``(II) a member of the Foreign Service of the United
States, or
``(III) an employee of the intelligence community.
``(iii) Definitions.--Any term used in this subparagraph
which is also used in paragraph (9) of section 121(d) shall
have the same meaning as when used in such paragraph.''.
(f) Extension of First-time Homebuyer Credit for
Individuals on Qualified Official Extended Duty Outside the
United States.--
(1) In general.--Subsection (h) of section 36 of the
Internal Revenue Code of 1986, as amended by subsection (a),
is amended by adding at the end the following:
``(3) Special rule for individuals on qualified official
extended duty outside the united states.--In the case of any
individual who serves on qualified official extended duty
[[Page H12383]]
service (as defined in section 121(d)(9)(C)(i)) outside the
United States for at least 90 days during the period
beginning after December 31, 2008, and ending before May 1,
2010, and, if married, such individual's spouse--
``(A) paragraphs (1) and (2) shall each be applied by
substituting `May 1, 2011' for `May 1, 2010', and
``(B) paragraph (2) shall be applied by substituting `July
1, 2011' for `July 1, 2010'.''.
(g) Dependents Ineligible for Credit.--Subsection (d) of
section 36 of the Internal Revenue Code of 1986 is amended by
striking ``or'' at the end of paragraph (1), by striking the
period at the end of paragraph (2) and inserting ``, or'',
and by adding at the end the following new paragraph:
``(3) a deduction under section 151 with respect to such
taxpayer is allowable to another taxpayer for such taxable
year.''.
(h) IRS Mathematical Error Authority.--Paragraph (2) of
section 6213(g) of the Internal Revenue Code of 1986 is
amended--
(1) by striking ``and'' at the end of subparagraph (M),
(2) by striking the period at the end of subparagraph (N)
and inserting ``, and'', and
(3) by inserting after subparagraph (N) the following new
subparagraph:
``(O) an omission of any increase required under section
36(f) with respect to the recapture of a credit allowed under
section 36.''.
(i) Coordination With First-time Homebuyer Credit for
District of Columbia.--Paragraph (4) of section 1400C(e) of
the Internal Revenue Code of 1986 is amended by striking
``and before December 1, 2009,''.
(j) Effective Dates.--
(1) In general.--The amendments made by subsections (b),
(c), (d), and (g) shall apply to residences purchased after
the date of the enactment of this Act.
(2) Extensions.--The amendments made by subsections (a),
(f), and (i) shall apply to residences purchased after
November 30, 2009.
(3) Waiver of recapture.--The amendment made by subsection
(e) shall apply to dispositions and cessations after December
31, 2008.
(4) Mathematical error authority.--The amendments made by
subsection (h) shall apply to returns for taxable years
ending on or after April 9, 2008.
SEC. 12. PROVISIONS TO ENHANCE THE ADMINISTRATION OF THE
FIRST-TIME HOMEBUYER TAX CREDIT.
(a) Age Limitation.--
(1) In general.--Subsection (b) of section 36 of the
Internal Revenue Code of 1986, as amended by this Act, is
amended by adding at the end the following new paragraph:
``(4) Age limitation.--No credit shall be allowed under
subsection (a) with respect to the purchase of any residence
unless the taxpayer has attained age 18 as of the date of
such purchase. In the case of any taxpayer who is married
(within the meaning of section 7703), the taxpayer shall be
treated as meeting the age requirement of the preceding
sentence if the taxpayer or the taxpayer's spouse meets such
age requirement.''.
(2) Conforming amendment.--Subsection (g) of section 36 of
such Code, as amended by this Act, is amended by inserting
``(b)(4),'' before ``(c)''.
(b) Documentation Requirement.--Subsection (d) of section
36 of the Internal Revenue Code of 1986, as amended by this
Act, is amended by striking ``or'' at the end of paragraph
(2), by striking the period at the end of paragraph (3) and
inserting ``, or'', and by adding at the end the following
new paragraph:
``(4) the taxpayer fails to attach to the return of tax for
such taxable year a properly executed copy of the settlement
statement used to complete such purchase.''.
(c) Restriction on Married Individual Acquiring Residence
From Family of Spouse.--Clause (i) of section 36(c)(3)(A) of
the Internal Revenue Code of 1986 is amended by inserting
``(or, if married, such individual's spouse)'' after ``person
acquiring such property''.
(d) Certain Errors With Respect to the First-time Homebuyer
Tax Credit Treated as Mathematical or Clerical Errors.--
Paragraph (2) of section 6213(g) the Internal Revenue Code of
1986, as amended by this Act, is amended by striking ``and''
at the end of subparagraph (N), by striking the period at the
end of subparagraph (O) and inserting ``, and'', and by
inserting after subparagraph (O) the following new
subparagraph:
``(P) an entry on a return claiming the credit under
section 36 if--
``(i) the Secretary obtains information from the person
issuing the TIN of the taxpayer that indicates that the
taxpayer does not meet the age requirement of section
36(b)(4),
``(ii) information provided to the Secretary by the
taxpayer on an income tax return for at least one of the 2
preceding taxable years is inconsistent with eligibility for
such credit, or
``(iii) the taxpayer fails to attach to the return the form
described in section 36(d)(4).''.
(e) Effective Date.--
(1) In general.--Except as otherwise provided in this
subsection, the amendments made by this section shall apply
to purchases after the date of the enactment of this Act.
(2) Documentation requirement.--The amendments made by
subsection (b) shall apply to returns for taxable years
ending after the date of the enactment of this Act.
(3) Treatment as mathematical and clerical errors.--The
amendments made by subsection (d) shall apply to returns for
taxable years ending on or after April 9, 2008.
SEC. 13. 5-YEAR CARRYBACK OF OPERATING LOSSES.
(a) In General.--Subparagraph (H) of section 172(b)(1) of
the Internal Revenue Code of 1986 is amended to read as
follows:
``(H) Carryback for 2008 or 2009 net operating losses.--
``(i) In general.--In the case of an applicable net
operating loss with respect to which the taxpayer has elected
the application of this subparagraph--
``(I) subparagraph (A)(i) shall be applied by substituting
any whole number elected by the taxpayer which is more than 2
and less than 6 for `2',
``(II) subparagraph (E)(ii) shall be applied by
substituting the whole number which is one less than the
whole number substituted under subclause (I) for `2', and
``(III) subparagraph (F) shall not apply.
``(ii) Applicable net operating loss.--For purposes of this
subparagraph, the term `applicable net operating loss' means
the taxpayer's net operating loss for a taxable year ending
after December 31, 2007, and beginning before January 1,
2010.
``(iii) Election.--
``(I) In general.--Any election under this subparagraph may
be made only with respect to 1 taxable year.
``(II) Procedure.--Any election under this subparagraph
shall be made in such manner as may be prescribed by the
Secretary, and shall be made by the due date (including
extension of time) for filing the return for the taxpayer's
last taxable year beginning in 2009. Any such election, once
made, shall be irrevocable.
``(iv) Limitation on amount of loss carryback to 5th
preceding taxable year.--
``(I) In general.--The amount of any net operating loss
which may be carried back to the 5th taxable year preceding
the taxable year of such loss under clause (i) shall not
exceed 50 percent of the taxpayer's taxable income (computed
without regard to the net operating loss for the loss year or
any taxable year thereafter) for such preceding taxable year.
``(II) Carrybacks and carryovers to other taxable years.--
Appropriate adjustments in the application of the second
sentence of paragraph (2) shall be made to take into account
the limitation of subclause (I).
``(III) Exception for 2008 elections by small businesses.--
Subclause (I) shall not apply to any loss of an eligible
small business with respect to any election made under this
subparagraph as in effect on the day before the date of the
enactment of the Worker, Homeownership, and Business
Assistance Act of 2009.
``(v) Special rules for small business.--
``(I) In general.--In the case of an eligible small
business which made or makes an election under this
subparagraph as in effect on the day before the date of the
enactment of the Worker, Homeownership, and Business
Assistance Act of 2009, clause (iii)(I) shall be applied by
substituting `2 taxable years' for `1 taxable year'.
``(II) Eligible small business.--For purposes of this
subparagraph, the term `eligible small business' has the
meaning given such term by subparagraph (F)(iii), except that
in applying such subparagraph, section 448(c) shall be
applied by substituting `$15,000,000' for `$5,000,000' each
place it appears.''.
(b) Alternative Tax Net Operating Loss Deduction.--
Subclause (I) of section 56(d)(1)(A)(ii) of the Internal
Revenue Code of 1986 is amended to read as follows:
``(I) the amount of such deduction attributable to an
applicable net operating loss with respect to which an
election is made under section 172(b)(1)(H), or''.
(c) Loss From Operations of Life Insurance Companies.--
Subsection (b) of section 810 of the Internal Revenue Code of
1986 is amended by adding at the end the following new
paragraph:
``(4) Carryback for 2008 or 2009 losses.--
``(A) In general.--In the case of an applicable loss from
operations with respect to which the taxpayer has elected the
application of this paragraph, paragraph (1)(A) shall be
applied by substituting any whole number elected by the
taxpayer which is more than 3 and less than 6 for `3'.
``(B) Applicable loss from operations.--For purposes of
this paragraph, the term `applicable loss from operations'
means the taxpayer's loss from operations for a taxable year
ending after December 31, 2007, and beginning before January
1, 2010.
``(C) Election.--
``(i) In general.--Any election under this paragraph may be
made only with respect to 1 taxable year.
``(ii) Procedure.--Any election under this paragraph shall
be made in such manner as may be prescribed by the Secretary,
and shall be made by the due date (including extension of
time) for filing the return for the taxpayer's last taxable
year beginning in 2009. Any such election, once made, shall
be irrevocable.
``(D) Limitation on amount of loss carryback to 5th
preceding taxable year.--
``(i) In general.--The amount of any loss from operations
which may be carried back to the 5th taxable year preceding
the taxable year of such loss under subparagraph (A) shall
not exceed 50 percent of the taxpayer's taxable income
(computed without regard to the loss from operations for the
loss year or any taxable year thereafter) for such preceding
taxable year.
``(ii) Carrybacks and carryovers to other taxable years.--
Appropriate adjustments in the application of the second
sentence of paragraph (2) shall be made to take into account
the limitation of clause (i).''.
(d) Anti-abuse Rules.--The Secretary of the Treasury or the
Secretary's designee shall prescribe such rules as are
necessary to prevent the abuse of the purposes of the
amendments made by this section, including anti-stuffing
rules, anti-churning rules (including rules relating to sale-
leasebacks), and rules similar to the rules under section
1091 of the Internal Revenue Code of 1986 relating to losses
from wash sales.
(e) Effective Dates.--
(1) In general.--Except as otherwise provided in this
subsection, the amendments made by this
[[Page H12384]]
section shall apply to net operating losses arising in
taxable years ending after December 31, 2007.
(2) Alternative tax net operating loss deduction.--The
amendment made by subsection (b) shall apply to taxable years
ending after December 31, 2002.
(3) Loss from operations of life insurance companies.--The
amendment made by subsection (d) shall apply to losses from
operations arising in taxable years ending after December 31,
2007.
(4) Transitional rule.--In the case of any net operating
loss (or, in the case of a life insurance company, any loss
from operations) for a taxable year ending before the date of
the enactment of this Act--
(A) any election made under section 172(b)(3) or 810(b)(3)
of the Internal Revenue Code of 1986 with respect to such
loss may (notwithstanding such section) be revoked before the
due date (including extension of time) for filing the return
for the taxpayer's last taxable year beginning in 2009, and
(B) any application under section 6411(a) of such Code with
respect to such loss shall be treated as timely filed if
filed before such due date.
(f) Exception for TARP Recipients.--The amendments made by
this section shall not apply to--
(1) any taxpayer if--
(A) the Federal Government acquired before the date of the
enactment of this Act an equity interest in the taxpayer
pursuant to the Emergency Economic Stabilization Act of 2008,
(B) the Federal Government acquired before such date of
enactment any warrant (or other right) to acquire any equity
interest with respect to the taxpayer pursuant to the
Emergency Economic Stabilization Act of 2008, or
(C) such taxpayer receives after such date of enactment
funds from the Federal Government in exchange for an interest
described in subparagraph (A) or (B) pursuant to a program
established under title I of division A of the Emergency
Economic Stabilization Act of 2008 (unless such taxpayer is a
financial institution (as defined in section 3 of such Act)
and the funds are received pursuant to a program established
by the Secretary of the Treasury for the stated purpose of
increasing the availability of credit to small businesses
using funding made available under such Act), or
(2) the Federal National Mortgage Association and the
Federal Home Loan Mortgage Corporation, and
(3) any taxpayer which at any time in 2008 or 2009 was or
is a member of the same affiliated group (as defined in
section 1504 of the Internal Revenue Code of 1986, determined
without regard to subsection (b) thereof) as a taxpayer
described in paragraph (1) or (2).
SEC. 14. EXCLUSION FROM GROSS INCOME OF QUALIFIED MILITARY
BASE REALIGNMENT AND CLOSURE FRINGE.
(a) In General.--Subsection (n) of section 132 of the
Internal Revenue Code of 1986 is amended--
(1) in subparagraph (1) by striking ``this subsection) to
offset the adverse effects on housing values as a result of a
military base realignment or closure'' and inserting ``the
American Recovery and Reinvestment Tax Act of 2009)'', and
(2) in subparagraph (2) by striking ``clause (1) of''.
(b) Effective Date.--The amendments made by this act shall
apply to payments made after February 17, 2009.
SEC. 15. DELAY IN APPLICATION OF WORLDWIDE ALLOCATION OF
INTEREST.
(a) In General.--Paragraphs (5)(D) and (6) of section
864(f) of the Internal Revenue Code of 1986 are each amended
by striking ``December 31, 2010'' and inserting ``December
31, 2017''.
(b) Conforming Amendment.--Section 864(f) of the Internal
Revenue Code of 1986 is amended by striking paragraph (7).
(c) Effective Dates.--The amendments made by this section
shall apply to taxable years beginning after December 31,
2010.
SEC. 16. INCREASE IN PENALTY FOR FAILURE TO FILE A
PARTNERSHIP OR S CORPORATION RETURN.
(a) In General.--Sections 6698(b)(1) and 6699(b)(1) of the
Internal Revenue Code of 1986 are each amended by striking
``$89'' and inserting ``$195''.
(b) Effective Date.--The amendments made by this section
shall apply to returns for taxable years beginning after
December 31, 2009.
SEC. 17. CERTAIN TAX RETURN PREPARERS REQUIRED TO FILE
RETURNS ELECTRONICALLY.
(a) In General.--Subsection (e) of section 6011 of the
Internal Revenue Code of 1986 is amended by adding at the end
the following new paragraph:
``(3) Special rule for tax return preparers.--
``(A) In general.--The Secretary shall require than any
individual income tax return prepared by a tax return
preparer be filed on magnetic media if--
``(i) such return is filed by such tax return preparer, and
``(ii) such tax return preparer is a specified tax return
preparer for the calendar year during which such return is
filed.
``(B) Specified tax return preparer.--For purposes of this
paragraph, the term `specified tax return preparer' means,
with respect to any calendar year, any tax return preparer
unless such preparer reasonably expects to file 10 or fewer
individual income tax returns during such calendar year.
``(C) Individual income tax return.--For purposes of this
paragraph, the term `individual income tax return' means any
return of the tax imposed by subtitle A on individuals,
estates, or trusts.''.
(b) Conforming Amendment.--Paragraph (1) of section 6011(e)
of the Internal Revenue Code of 1986 is amended by striking
``The Secretary may not'' and inserting ``Except as provided
in paragraph (3), the Secretary may not''.
(c) Effective Date.--The amendments made by this section
shall apply to returns filed after December 31, 2010.
SEC. 18. TIME FOR PAYMENT OF CORPORATE ESTIMATED TAXES.
The percentage under paragraph (1) of section 202(b) of the
Corporate Estimated Tax Shift Act of 2009 in effect on the
date of the enactment of this Act is increased by 33.0
percentage points.
The SPEAKER pro tempore. Pursuant to the rule, the gentleman from New
York (Mr. Rangel) and the gentleman from Texas (Mr. Brady) each will
control 20 minutes.
The Chair recognizes the gentleman from New York.
General Leave
Mr. RANGEL. Mr. Speaker, I ask that all Members have 5 legislative
days to revise and extend their remarks and insert extraneous material
in the Record.
The SPEAKER pro tempore. Is there objection to the request of the
gentleman from New York?
There was no objection.
Mr. RANGEL. Mr. Speaker, along with the Ways and Means Committee
ranking member, Mr. Camp, we asked the nonpartisan Joint Committee on
Taxation to make available to the public a technical explanation of the
bill. The technical explanation expresses the committee's understanding
and legislative intent behind this very important piece of legislation.
It is available on the Joint Committee's Web site at www.jct.gov and is
listed under the document No. JCX-44-09.
Over 6 weeks ago, the House sent legislation in a bipartisan way to
the Senate to extend unemployment insurance for workers who live in
high unemployment districts, high unemployment States, that have
already used all of the tiers of the benefits available under current
law. Since that time, hundreds of thousands of workers have lost or
gone without unemployment compensation.
This committee, with the leadership and working together in a
bipartisan way, sent to the Senate a bill which allowed an additional
14 weeks of unemployment benefits in every State and a total of 20
weeks in high unemployment States. Our committees worked hard together
in order to soften the blow that so many hundreds of thousands of
people have felt.
Mr. Speaker, I yield the balance of my time to Chairman Jim
McDermott, who, over his lifetime, has spent so much time in trying to
improve the quality of lives of those that have suffered economic
deficits in this great country of ours, and with the permission from
the Speaker, I ask unanimous consent that he be allowed to control that
time.
The SPEAKER pro tempore. Is there objection to the request of the
gentleman from New York?
There was no objection.
Mr. McDERMOTT. Mr. Speaker, I reserve the balance of my time.
Mr. BRADY of Texas. Mr. Speaker, I yield myself such time as I may
consume.
(Mr. BRADY of Texas asked and was given permission to revise and
extend his remarks.)
Mr. BRADY of Texas. Mr. Speaker, I rise in support of key parts of
this legislation.
The bill before us today offers long-term unemployment workers in all
States 14 weeks of additional unemployment benefits and provides 20
additional weeks of benefits in high unemployment States. In all, with
the passage of this bill, a record total of up to 99 weeks of Federal
and State unemployment benefits will be paid in a total of 29 States
and territories where the unemployment rate is 8.5 percent or greater.
In the State of Texas, where the unemployment rate is 8.2 percent, it
would provide an additional 14 weeks of unemployment benefits for the
long-term unemployed who continue to struggle to find a new job.
In addition, the bill we are considering today includes a number of
important tax relief provisions that will help families, businesses,
and our economy as a whole. This bill will extend the $8,000 homebuyer
tax credit, which is currently scheduled to expire just a few short
weeks from now, until the middle of next year. It will also create a
new $6,500 tax credit that will help current homeowners who have lived
in their homes for at least 5 years to
[[Page H12385]]
move up into new homes. And especially with Veterans Day coming up next
week, I'm pleased this bill includes a number of homeownership
provisions that would specifically benefit the brave men and women who
serve in our Armed Forces.
Taken all together, this bill's homeownership tax relief provisions
will provide a much-needed boost to our struggling housing market and
our broader economy by helping to soak up the excess housing inventory
that we see in so many parts of our country. Estimates show that there
may be up to 3 million renters who are currently financially well
qualified to buy a median-priced home. Timely help to bolster the
housing market is essential.
Another important component is the expanded net operating loss
provision, which will provide an immediate cash infusion to struggling
businesses, large and small, all across the Nation. By giving
businesses that are currently in loss positions the opportunity to
claim refunds on taxes they paid when they were profitable, we can help
employers make crucial new investments in our economy and, most
importantly, free up additional payroll to help get more Americans back
to work. That's the goal that all of us on both sides of the aisle
should share. And I'm pleased to support the 5-year net operating loss
carryback included in this legislation.
But this is not the end of the process. There is much more work to be
done. Before the end of the year, the House is expected to consider
legislation to extend the current Federal extended unemployment benefit
program possibly through all of next year. This would cost $80 billion
or more and simply add to the enormous deficits and equally enormous
State tax hikes on jobs this system is amassing.
All of this begs the question: Where are the jobs? While long-term
unemployed workers appreciate the additional help, what they really
want is a good job. Yet for all the massive spending and debt we've
incurred this year in the name of stimulating the economy, job creation
is one thing this administration and congressional Democrats have
failed to deliver. Unfortunately, that's why we are here today. These
policies and stimulus have failed.
Mr. Speaker, I reserve the balance of my time.
{time} 1245
Mr. McDERMOTT. Mr. Speaker, I yield myself as much time as I may
consume.
We've waited for 6 weeks for the Senate to dither around on this
bill. The decisions made in it could have been made in a week if they
really were thinking about the half million people who have lost their
benefits over the last 6 weeks. Since the House acted, that's happened.
There have been no jobs, no benefits, and no hope. Now, today, we can
restore that by the bill that's before us, and also perhaps give them
some hope that this won't happen in the future.
This legislation returned from the Senate will provide an additional
14 weeks of unemployment benefits in every State and a total of 20
weeks in high unemployment States. I welcome the additional weeks in
the bill compared to the legislation we sent over. It seems the least
we can do after we've made them wait for 6 weeks. However, I heard
concerns that the complexity of the Senate amendment may present some
administrative challenges for State government, so I hope every State
is actively planning on how to deliver these benefits in the quickest
possible time frame. This is a wake-up call to State unemployment
insurance programs.
I would ask my colleagues to keep in mind that Congress must act
again before the end of this year to continue the extended unemployment
benefits that we are now improving.
The cost of this extension of unemployment benefits is completely
offset by an 18-month continuation of a tax called the FUTA surtax,
which has been in place for over 30 years. In addition to helping
unemployed workers, this bill now includes the extension and expansion
of two other relief provisions. One helps and encourages those buying
homes and another helps struggling businesses.
Mr. Speaker, our Nation has lost 8 million jobs since the great
recession started in December of 2007. Even as we see signs of economic
recovery, such as last week's announcement that the GDP rose
substantially for the first time in over a year, we know it will take
considerable time to restore those lost jobs. There are predictions
that it will rise above 10 percent nationally and will not come down
until late in 2010.
We must continue to provide the lifeline for the unemployed workers
who have lost their jobs from no fault of their own and who are
searching for new employment. Sending this bill to President Obama
today will accomplish that goal for over 1 million of our fellow
citizens before the end of the year. Additionally, it would help keep
families in their homes and prevent foreclosures. This is the right
thing to do, and we shouldn't have waited so long to do it.
Mr. STARK. Would the gentleman yield?
Mr. McDERMOTT. I yield to the gentleman from California.
Mr. STARK. I associate myself with the remarks of the distinguished
chairman and urge adoption.
Mr. McDERMOTT. I reserve the balance of my time.
Mr. BRADY of Texas. I yield 5 minutes to the gentleman from Georgia
(Mr. Linder).
Mr. LINDER. I thank the gentleman for yielding.
Six weeks ago, we stood on this floor to discuss a prior version of
this bill providing extended unemployment benefits. Since then, we have
gotten additional checkups on jobs and unemployment in the United
States, and the Democrats' 2009 stimulus plan has received more failing
grades. Another 263,000 jobs were eliminated in September, and the
unemployment rate rose to 9.8 percent. More job losses and higher
unemployment are expected to be announced tomorrow. This and other
Democrat legislation is perpetuating unemployment, not solving it.
The Democratic energy policies would increase the price of energy and
kill millions of jobs. The Democrat health policies would make health
care and health insurance more expensive and kill millions of jobs.
Democrats promised a stimulus policy that would keep unemployment from
exceeding 8 percent. It is now 9.8 percent, soon to reach 10 percent.
Despite administration claims that 1 million jobs were saved or
created, nearly 3 million real jobs have been destroyed since the
stimulus plan was signed into law, and yesterday we found out how they
count saved jobs.
Stimulus money went to a south Georgia community organizing group.
They took all the money and gave raises to their employees and put
information into the administration that they had saved 980 jobs. They
have 508 employees. But they gave them raises, and the administration
has a formula for how you can call that a job saved.
Like those job losses, the bill before us has only grown. In all,
this legislation would now make available a record 99 weeks of
unemployment benefits in more than half of the United States, but what
it doesn't make available are jobs. Americans are rightly asking, Where
are the jobs? Our colleagues on the other side have no answers, other
than to spend more, tax more, and borrow more. That is not good enough.
But the good news is that we can start to turn this around. For
starters, we could not raise taxes on jobs, as this legislation does.
It raises taxes on jobs by $2.4 billion in the coming 18 months,
hitting every employee in America, and that's to pay for benefits paid
out generally in the next 2 months. How does raising taxes create jobs?
It won't. And this bill isn't the end. Far from it.
Before this year is out, we will be back on this floor passing yet
another extension of Federal unemployment benefits, only the next bill
will be so massive--possibly costing $80 billion--even Democrats won't
be able to stomach the tax hikes to pay for it. So we will borrow that
money, adding to the $100 billion in unemployment benefit spending
already scheduled to be piled onto our debt by the end of this year.
How will that create jobs? It won't.
Mr. Speaker, we can and must do better. It is well past time for us
to shelve Democratic job-killing tax hike agendas. We will then unleash
America's job creation engine so that laid-off workers can once again
earn paychecks, not unemployment checks.
[[Page H12386]]
That effort can start with not raising taxes on jobs and by offering
unemployed workers real help in finding new work instead of just more
benefit checks. Sadly, this bill does none of that. How then will it
create jobs? It won't.
Mr. McDERMOTT. Mr. Speaker, I yield 1\1/2\ minutes to the gentleman
from Michigan (Mr. Levin).
(Mr. LEVIN asked and was given permission to revise and extend his
remarks.)
Mr. LEVIN. This bill combines equity and growth. Equity for the
unemployed, people who are looking for work. The estimate is that 1.3
million will exhaust their benefits by the end of the year. This is a
response. There are six people looking for every job. The Michigan
Unemployment Office has been swamped with phone calls. Today, one of
the staff there told my office: These are the unemployed. They call
asking, When is Congress going to pass this extension? What are they
waiting for? Don't they understand we are desperate?
As to growth, there are two provisions here. I am surprised that the
previous speaker says nothing is being done to create jobs when we have
two provisions here that are aimed to do that. The homeowners' tax
credit is extended and is also expanded, and the net operating loss
provision is inserted here to create jobs. This is a bill that combines
equity and, hopefully--and I think it will--create jobs.
So let's vote for it without equivocation and, if I might say,
without debating other issues like health care. We'll debate those
tomorrow and Saturday.
Mr. BRADY of Texas. I yield 2 minutes to the gentleman from Indiana
(Mr. Burton).
Mr. BURTON of Indiana. I thank the gentleman for yielding.
One of the things that has been a real drag on the economy, Mr.
Speaker, has been the housing industry, and the tax credit that we've
given first-time homebuyers, according to the Realtors and the
homebuilders with whom I've talked, has been a real plus. That is one
of the few things that we've done around here that has helped the
economy and helped create some jobs.
Now, in this bill, we're not only extending the first-time homebuyer
credit, which I think is going to help the economy, but we're also
going to say to people that already own homes, we're going to give you
a $6,500 tax credit if you choose to move up and buy another house.
That's been one of the shortcomings that we've had over the last few
months, because people that want to get another home feel like with the
economy being the way it is right now, they don't want to move. But if
you encourage them with a $6,500 tax credit--a tax credit. We like tax
cuts and tax credits. If we give them a $6,500 tax credit, I guarantee
you there is going to be a lot of people that will move up into more
homes, newer homes, and it will really help economic growth in this
country.
So I just want to congratulate the sponsors, even on the Democrat
side, for putting this in the bill. I really think this is a plus. I
don't compliment my colleagues too much over there, but the $8,000 tax
credit that is being extended for first-time homebuyers is good, and
the $6,500 tax credit for people that are going to buy a home, a second
home or a third home, as they get rid of their first one, I really
think this is going to be a plus for the economy. So even though I
disagree with my colleagues 95 percent of the time, this is one time
they have put something good in a bill.
Mr. McDERMOTT. Mr. Speaker, I would remind the gentleman from
Indiana, even a stopped clock is right twice a day.
I am now going to yield 1\1/2\ minutes to the gentleman from Georgia
(Mr. Lewis).
Mr. LEWIS of Georgia. Mr. Speaker, I rise today in strong support of
this legislation. I want to thank my good friend, the chairman, Mr.
McDermott, for his hard work in bringing this bill to the floor.
Under this bill, a Georgian would receive an additional 20 weeks of
unemployment benefits. Many have been waiting, worrying, and juggling
bills for months. People from all over the State of Georgia call my
offices every day asking what is taking Congress so long to act. Let me
be clear, these are not people who want a handout. These are people who
want to work. Many are older workers with all levels of education who
have worked in the same jobs for years, and now their jobs are gone,
just gone.
We can act today, and we must act. Now is the time to act to pass
this legislation, send it to the President, and let him sign it into
law so our citizens will receive the necessary benefits.
Mr. BRADY of Texas. I reserve the balance of my time.
Mr. McDERMOTT. Mr. Speaker, may I ask how much time remains?
The SPEAKER pro tempore. The gentleman from Washington has 12\1/2\
minutes remaining, and the gentleman from Texas has 12 minutes
remaining.
Mr. McDERMOTT. Thank you.
I yield 1\1/2\ minutes to the gentleman from New Jersey (Mr.
Pascrell).
Mr. PASCRELL. Thank you.
Mr. Speaker, last week we saw that 5.8 million Americans were
collecting unemployment benefits at the end of October. I want to
remind my friends on both sides of the aisle that in the first quarter
of this year, we saw a loss of 691,000. The stimulus went into effect--
partially, anyway--after we passed it in February with no votes from
the other side, and in the third quarter of this year, we're at a loss
of 256,000. That's a gain of 435,000 jobs. You compare that to the last
year, the last 4 years of the former administration, and I think that
the stimulus has been a great help.
This Congress is working hard to get people back on their feet. For
this reason, it is imperative that, today, we pass the Unemployment
Compensation Extension Act.
I am proud to say that we've also extended the homebuyer assistance
through the first-time homebuyer tax credit while putting in place new
and significant fraud protection. I think that's important. It came out
in Mr. Lewis' hearings, and we've done something about that.
I applaud Chairman Lewis for convening a hearing through the Ways and
Means Oversight Subcommittee on the first-time homebuyer tax credit,
which brought light to some of the abuses that were plaguing this
important credit. The American people need to know that this Congress
is working to remedy the insufficient regulation and oversight that has
plagued our Nation for too long.
I urge all my colleagues on both sides to take swift and decisive
action to pass this legislation.
Mr. BRADY of Texas. I understand Chairman McDermott has additional
speakers, so I will reserve the balance of my time.
Mr. McDERMOTT. Mr. Speaker, I yield 1\1/2\ minutes to the gentlewoman
from Nevada (Ms. Berkley).
Ms. BERKLEY. I thank the gentleman from Washington for yielding.
Mr. Speaker, I rise today in strong support of H.R. 3548. This
proposal would extend unemployment benefits by 20 weeks for workers in
States with high unemployment, like Nevada. This would serve as a
lifeline, aiding those still struggling to find work in Las Vegas and
other parts of Nevada. The once recession-proof economy of my district
of Las Vegas has not been spared from the effects of this downturn.
Quite the contrary. Nevada has been hard-hit, and almost harder hit
than any other State by the foreclosure crisis, and currently our
unemployment rate has skyrocketed to over 13 percent, second highest in
the Nation.
{time} 1300
Additionally, this bill includes important tax provisions, extending
and expanding the homebuyer tax credit and allowing businesses to
carryback losses in 2008 or 2009 for 5 years. The extended homebuyer
credit will allow more people to purchase a home in my district and
help stop the continued downward spiral in housing prices caused by the
foreclosure crisis. The net operating loss provision will help keep
businesses afloat during the tough times, preventing further layoffs.
Mr. BRADY of Texas. I continue to reserve my time.
Mr. McDERMOTT. Mr. Speaker, I yield 1\1/2\ minutes to the gentleman
from Texas (Mr. Doggett).
Mr. DOGGETT. This bill represents a textbook example of how not to
deal with the economic challenges that our country faces. While
previously approved by the House solely to address
[[Page H12387]]
the needs of the unemployed in economically depressed areas at a cost
of a little more than a billion dollars, the Senate has taken the good
work of Chairman McDermott, delayed it, not responded promptly, and has
now mushroomed the cost to $24 billion.
Economists have advised us that every dollar we invest to help the
unemployed spurs economic growth (GDP) by $1.61, very effective, a real
winner, what the House did originally. But the corporate giveaway that
the Senate added to this bill--the so-called ``loss carry-back
provision''--yields, according to the same economists, 19 cents for
every dollar of revenue that we invest--a real loser.
Today's bill allocates $2 billion to the winner and $10 billion to
the loser.
Understand that this bill now directs the Treasury to essentially
write a check directly to corporations for more than $10 billion;
checks to corporations that have committed fraud, checks to
corporations that have no ability to create jobs because they have no
employees and exist solely on paper as a fiction. It rewards some of
the very corporate losers who have brought us to the brink of economic
ruin.
The SPEAKER pro tempore. The time of the gentleman has expired.
Mr. McDERMOTT. I yield the gentleman an additional 15 seconds.
Mr. DOGGETT. If this is such a great idea, why don't we first apply
loss carry-back to workers who have lost their jobs and give them back
some of the taxes that they paid when they had a job? That would
certainly be more stimulative.
As we move forward next month to extending benefits for next year, it
will be much more costly. We should use this lesson as a reminder that
good policy to address jobs and the needs of the unemployed should not
be burdened with windfalls to those with good lobbyists.
Mr. BRADY of Texas. Mr. Speaker, I yield myself 2 minutes.
While there are serious disagreements about what direction to go on
the economy, there is bipartisan support for the provisions to help
people try to buy that first home or to move up into that next one, and
there is bipartisan support across the aisle strongly in this Congress
to help small businesses survive this recession, not just small
businesses but medium-sized businesses and larger businesses. The truth
of the matter is, a job is a job. And if we can help companies weather
this storm, if we can help them keep workers on the payroll, if we can
help them sort of balance out their tax payments over these years,
allow them to be in a position to recover and grow when this economy
finally does grow, I think that that tax relief, targeted to those who
can most create jobs, is extremely helpful.
I reserve the balance of my time.
Mr. McDERMOTT. Mr. Speaker, I yield 1 minute to Joe Courtney, the
gentleman from Connecticut.
Mr. COURTNEY. Mr. Speaker, last fall, 2008, this country got a lesson
in how central the housing market is to the American economy. When
housing prices started to fall, the financial markets soon followed,
and we are today now in the deepest recession since the Great
Depression.
In the stimulus bill last February, we included a first-time
homebuyer tax credit, which by all accounts has been a smashing success
in terms of increasing home sales and stabilizing housing prices. The
market, though, needs a little bit more time to nurture, and that is
why, as has been said earlier, there is strong bipartisan support for
extending this tax credit.
I, along with Congressman Calvert from California, put together a
letter with 165 signatures in support of extending the tax credit. I
salute the chairman and all the leadership who worked hard on a
bipartisan basis to make sure that we are going to continue to grow the
real estate market. That's how we got into this recession and that's
how we are going to get out of it.
I urge strong support for the measure.
Mr. McDERMOTT. Mr. Speaker, I yield 1 minute to the majority leader,
the gentleman from Maryland (Mr. Hoyer).
Mr. HOYER. I thank the gentleman from Washington, and I rise in
support of this bill.
Mr. Speaker, a year ago this week Barack Obama was elected President
in the midst of the greatest economic crisis in almost three-quarters
of a century. Since his inauguration and the swearing in of the 111th
Congress, we have been working hard to turn our economy around and put
America and Americans back to work.
And whether we are Democrats or Republicans, there is reason for hope
in the results we have seen in that time, because they mean growing
economic security for the people we represent. We're not there, we need
to keep working on it, but we've made progress.
Last month, we saw news that the American economy grew at a rate of
3.5 percent between July and September. That, Mr. Speaker, is the best
growth in 2 years and a reversal of four quarters of decline. That's
progress. It is not yet success.
According to Moody's, the Congressional Budget Office and the Council
of Economic Advisors, the Recovery Act has saved or created about 1
million jobs. The Center on Budget and Policy Priorities recently
concluded that the Recovery Act kept 6 million Americans from falling
into poverty and reduced the severity of poverty for 33 million
Americans. It was the right thing to do. But we're not there yet. Facts
like these have combined to convince unbiased observers that the
recession the President inherited is over.
Yet that is not the whole picture. For millions of American families
struggling with unemployment, the recession is not over. It's not over
until their loved ones get back to work, until they have a job, until
they can pay for the housing and the food and the clothing and the
schooling their families need.
So we in Congress cannot consider the work of recovery done until
those jobs are back. The truth is that long-term unemployment remains
at its highest rate since we began measuring it in 1948. Over 33
percent of the total unemployed have been out of work for more than 26
weeks.
And because it's harder to get hired the longer you've been out of
the workforce, long-term unemployment can become a vicious cycle. This
bill lends a hand to nearly 2 million Americans whose unemployment
insurance is set to run out by the end of the year. It extends their
unemployment insurance by up to 14 weeks, and by a further 6 weeks in
the States with the most difficult job markets. This means they will be
able to survive; not thrive, but survive.
Who are those 2 million Americans and who will benefit? Many of them
are middle-class Americans who lost their jobs without warning.
According to a survey recently conducted at the Rutgers University,
``Six in 10 of those whose employer had let them go had no advance
warning.'' What a wrenching experience that was, for them, for their
spouses, for their children and, yes, for their entire extended
families, as well as their communities.
Adding to the pain for many, nearly four in 10 said they had been
employed by their company for more than 3 years and one in 10 more than
a decade. These were people with stable jobs and commitments based upon
those stable jobs, such as college payments and mortgages. People have
found the ground falling out from under them through no fault of their
own. We owe it to them, Mr. Speaker, and their families to help, and we
owe it to our economic health as well.
The money provided by unemployment insurance quickly goes to
necessities and boosts local economies. In fact, according to the CBO,
every dollar we spend on unemployment insurance generates $1.61 in
local economic activity, making this bill an investment that pays off
for all of us, so we have a win-win situation here. We help people in
very bad straits; and we help our economy and help us all. I am also
glad that this bill is fiscally sound. It's fully paid for. It does not
contribute to the deficit.
Though we have made progress since the depths of last winter and the
depths of the recession inherited by President Obama and this Congress,
there is, as I have said, clearly more work to do. We pledge to
continue that work. We can take action today for those families for
whom recovery is not yet a reality, and I urge my colleagues to support
this legislation.
Mr. BRADY of Texas. I yield 2 minutes to the gentleman from Indiana
(Mr. Burton).
[[Page H12388]]
Mr. BURTON of Indiana. I thank the gentleman for yielding.
I have great respect for the majority leader. I just want to correct
a couple of things that he said.
He said this is the worst economy in the last three-quarters of a
century, and I would like to bring to his attention that in the Jimmy
Carter administration we had 12 percent unemployment, which is worse
than now. We had 14 percent inflation. When Ronald Reagan came in, Mr.
Volcker had to raise the interest rates, or did raise the interest
rates, to 21.5 percent. What happened was the economy took another huge
nosedive because of the terrible inflation and economic problems that
were created during the Carter administration, which was not three-
quarters of a century ago; it was just a mere 20-some years ago.
The other thing I would like to say is that while we are doing the
right thing by passing this bill, and I complimented my colleagues on
the other side of the aisle for the extension of the home building
credit for first-time homebuyers and adding to it the tax credit for
second-time homebuyers--and I think those are great steps in the right
direction, and I will support this bill--the things that they are doing
on the other side of the aisle with the stimulus bill, $1 trillion,
with the health care bill that they are going to try to ram through
here Saturday that's going to cost $1 to $3 trillion that we don't
have, when there is a better way to do that, really troubles me.
I would hope my colleagues would start thinking about what Ronald
Reagan did because the deficits were so high and inflation was so high,
and that is cut taxes. When you cut taxes, you stimulate economic
growth and you sell more products and people go back to work. That
creates economic expansion.
Mr. McDERMOTT. Mr. Speaker, may I have the time remaining?
The SPEAKER pro tempore. The gentleman from Washington has 4\3/4\
minutes remaining and the gentleman from Texas has 9 minutes remaining.
Mr. McDERMOTT. I yield 1 minute to the Speaker of the House, the
gentlewoman from California (Ms. Pelosi).
Ms. PELOSI. I thank the gentleman for yielding and thank him for his
longstanding leadership on this issue that relates to the economic
well-being of America's families.
Anytime families gather across America at their dinner table to see
how they are going to make ends meet or struggle through the loss of a
job, they know they have a friend in Jim McDermott in the Congress.
This has been one of his premier issues, and he has served them and
this Congress and this country excellently in that regard. I thank him
for bringing this legislation to the floor.
We passed this bill over a month ago. At long last it is back, but we
are glad it is back, no matter how long it took. I am pleased to rise
to support the legislation.
The bill will mark another step forward to boost our economic growth,
and it will make a critical investment in our families and our workers.
This legislation offers a lifeline to out-of-work Americans, to the
men and women hardest hit by the recession, by extending unemployment
benefits--you have heard it over and over--by 14 weeks nationwide and
an extra 6 weeks in States suffering the highest jobless rates. It's a
smart choice for our Nation's economy. Every dollar spent on
unemployment benefits generates more than $1.60 in new economic demand.
It's good for businesses. It's good for workers.
This money, because it is so needed by these out-of-work families
will, again, be spent immediately, inject demand into the economy,
creating jobs, to the tune of $1.60 for every dollar. It's hard to
think of any other initiative we can name that is as beneficial to job
creation.
{time} 1315
Its original purpose is fairness to those workers who have paid into
the insurance system, and now they are getting an insurance benefit.
But it also has an impact as a stimulant. It means more Americans will
have access to the support and assistance they need to get back on
their feet, reenter the workforce, contribute to our economy and
succeed.
The bill also places a down payment on the future of our middle class
because it extends for the first-time homebuyer a tax credit, helping
more Americans purchase homes and making it is a little easier for
families to move into a new house and keep a roof over their heads.
This initiative has already been successful. We have seen the
positive impact, the steadier foundation in our housing market. Most
significantly, we have watched new generations of Americans start
living out their dream of homeownership and economic security.
The bill also has the net operating loss carryback, which businesses
tell us is necessary for them to succeed and to hire new people, and
also to mitigate some of the damage that has been done to the economy
from past policies.
Taking action now to turn around our country is our most urgent and
pressing challenge. It must be our top priority, regardless of party.
That is why I am so pleased that we are going to have such a strong
bipartisan vote. Mr. Brady, thank you today.
The House acted more than a month ago, as I mentioned, to pass the
bill and help 1.3 million Americans set to lose their unemployment
benefits by the end of the year. Today, we are proud to see the Senate
version come back to the floor, to this Chamber. We would have wanted
it sooner, but here it is.
The Nation's leaders have a responsibility to give every American the
opportunity to recover, to thrive, to reap the rewards of our common
progress and to take part in our prosperity. Today's vote is about a
never-ending effort to put our economy on the road to recovery, create
jobs, and establish the building blocks for growth in the long term.
President Obama has said over and over again, and so eloquently, that
our success here would be measured only in the progress made by
America's families as they get back on their feet and as we help them
address their economic struggles.
The economic security of America's families is important to them, to
their children, to their children's future; and it is important to the
strength of our country. For that reason, I again commend Mr. McDermott
and Mr. Brady and urge all Members to support this bill.
Mr. BRADY of Texas. Mr. Speaker, I reserve my time.
Mr. McDERMOTT. Mr. Speaker, I yield 1 minute to the gentleman from
Massachusetts (Mr. Neal).
Mr. NEAL of Massachusetts. Mr. Speaker, I thank the gentleman, and I
want to offer my strong support for this legislation that is before us
today and certainly to acknowledge the role that Mr. Rangel and Mr.
McDermott played and the leadership they offered to us on this
legislation.
This bill before us is fully vetted and fully paid for. It is
bipartisan in nature. I take great satisfaction from the fact that not
only does it extend unemployment insurance benefits for many families
that need help in this difficult economy, but the reminder that we all
ought to embrace, and that is, that in this atmosphere, you are far
better off as being perceived for being for something than against
everything.
This bill extends the first-time homebuyer credit to help our ailing
housing industry get back from the worst record in our history. I
support both provisions.
Finally, the bill provides net operating loss relief for many
businesses that have been simply hanging on in this country over the
last year. It is particularly important to retailers. Based on a bill
that I filed with Representative Tiberi which became the basis for this
provision, this relief for businesses, big and small, will provide
quick capital at a time when it is currently impossible to find. I
think that this is an affirmative position, it ought to be embraced,
and I thank Mr. McDermott for moving it forward.
Mr. BRADY of Texas. I reserve my time.
Mr. McDERMOTT. Mr. Speaker, I yield 1 minute to the gentleman from
North Carolina (Mr. Etheridge).
Mr. ETHERIDGE. I thank the gentleman for yielding.
Mr. Speaker, across this country people are suffering. In my State of
North Carolina, unemployment has been in double digits for several
months. Economists tell us that the economy is turning around, but
folks at home don't feel it yet.
[[Page H12389]]
This bill continues Congress' critical efforts to restore the economy
and put our people back to work. Fixing the economy and creating jobs
needs to be our top priority in this economic downturn.
This bill helps folks who are out of work in two ways. First, it
extends the safety net of unemployment insurance to those who are
struggling the most. This is critical to help people put food on their
table and keep their lives together until they can find new employment.
Second, it supports the struggling companies which are trying to
create jobs. The tax credits in this bill will help restore the health
of businesses so they can get healthy again, contribute to the growth
of this economy, and put our people back to work.
I applaud the Senate for their work in joining these two goals and
moving it forward. I thank my colleagues for their work and urge my
colleagues to vote for H.R. 3548.
Mr. BRADY of Texas. I reserve my time.
The SPEAKER pro tempore. The gentleman from Washington has 1\3/4\
minutes remaining.
Mr. McDERMOTT. Mr. Speaker, I yield 1 minute to the gentleman from
Illinois (Mr. Davis).
Mr. DAVIS of Illinois. Mr. Speaker, I want to thank Chairman
McDermott for yielding. I also want to commend the Senate for its work.
I simply rise in support of this legislation. It will provide an
opportunity certainly for individuals who are unemployed to continue to
receive unemployment compensation, and it will indeed help stimulate
the economy by allowing individuals credits for the first time if they
are purchasing a home.
It is good legislation. I am pleased to support it and urge that all
Members do so.
Mr. BRADY of Texas. I yield myself such time as I may consume.
There is bipartisan support for much of this bill. For all the good
this bill will do to help people buy their first home, and perhaps move
up, for all the help it will provide to help businesses survive this
recession, make no mistake: the unemployment benefits are no substitute
for a good job, and in that regard, this Congress and this White House
has failed the American public.
We were told that the stimulus bill, all $787 billion of it, $1
trillion with interest, as Christina Romer said, the head of the
President's economic advisers, would provide an immediate jolt to the
economy. They promised us that it would keep the unemployment rate
under 8 percent. They promised it would create jobs in every State in
the Nation.
Today, the unemployment rate is not 8 percent. It is 9.8 percent and
rising, for the numbers we will hear tomorrow, to 9.9 percent in all
likelihood. Forty-nine of 50 States have lost jobs.
The two areas of manufacturing and construction, where we were
promised the greatest rate of job creation, have actually seen the
greatest rate of job loss. In fact, nearly 3 million jobs have been
lost since the stimulus took effect.
We are not simply in, as the White House would say, a jobless
recovery. We are in a ``job loss'' recovery. We continue to shed
hundreds of thousands of workers every month, 175,000 in the past
month; and unfortunately, the stimulus has lost all credibility as to
job creation.
We hear each day reports of wildly exaggerated jobs claims. The
Associated Press did a revealing story that shows that in some cases
contractors exaggerated their job numbers by 10 times. In other cases
they counted the same job four times. In many cases the money didn't
come from the stimulus at all.
This morning, a Dallas Morning News investigation showed that in
Texas, one out of every four jobs related to education was a part-time
summer job. In one community, an organization claimed 450 jobs were
created with stimulus money of $26,000. In one case, again, the money
didn't even come from stimulus money. And in Beaumont, they are paying
for child care for people out of stimulus dollars.
Unfortunately, the claim that the stimulus has created millions of
new jobs, created or saved them, simply isn't backed up. And, in fact,
the majority of economists today say it has had little impact on the
stimulus, and a second stimulus down the road isn't needed or, in fact,
will be damaging.
I think what is critical, too, is a lot of businesses are holding off
creating those new jobs, especially small businesses, because of
Washington. They watch what we are doing and considering on health
care. It will drive up their premiums. Cap-and-trade will drive up
their energy costs. New energy taxes will offshore American energy
jobs. They look at new financial regulations, tax increases on
everything from income to capital to dividends to international
investment, and they are saying we are not going to create jobs. They
are not going to risk jobs in this environment.
It is hard enough to predict the market itself, much less to predict
the market and Congress together. And when they look at the bill that
this Congress will vote on this weekend on health care, they see tax
increases on small businesses that will cost us about 4 million jobs,
mandates on small businesses that will force their workers out of their
own health care system, and a job trap that actually punishes small
businesses. When they hire between 11 and 25 workers, actually in this
bill Congress punishes them, and punishes them more if they raise the
wages of those workers.
So, there is a lot more that needs to be done on the economy. This
bill is no substitute for a good job. It is a step forward in housing
and for business retention. For that, there is bipartisan support, and
I do appreciate Chairman McDermott's work on trying to bring a bill
forward to this floor that many can support.
I yield back the balance of my time.
The SPEAKER pro tempore. The gentleman from Washington has 45 seconds
remaining.
Mr. McDERMOTT. Mr. Speaker, I appreciate Mr. Brady's work on bringing
this bill to the floor, but I would say that in 1935 there was no
unemployment insurance, there was no welfare, there were no jobs, and
the Federal Government stepped in and acted to change all of that.
Now, we clearly need to stimulate the economy; and if we don't
stimulate the economy, we will continue to have businesses sitting back
waiting forever and watching their health care costs go out of sight.
The bill tomorrow on health care is really to help businesses get
control over one cost item in their budget, and in my view, that is the
kind of thing we should be doing to help create more jobs. If we sit
here, we can build this bridge of unemployment insurance, but it is a
bridge to nowhere if the economy does not start to turn around, and
that means dealing with the things that are destroying this economy.
The health care costs of every single business are rising totally out
of control, and you can't expect them to invest if we haven't done
something about getting control of health care costs.
So this is only one part of the issue. We have many other issues we
are going to have to deal with on the floor, but I am grateful today
for your help in passing this piece of it.
Ms. RICHARDSON. Mr. Speaker, I rise today in strong support of the
Senate amendments to H.R. 3548, the ``Unemployment Compensation
Extension Act of 2009,'' because they will provide much-needed relief
to the millions of unemployed American workers who are struggling to
find jobs today and to others who are working to buy their first home.
With the passage of this bill, Congress will provide up to 14
additional weeks of desperately needed unemployment benefits to workers
who are about to exhaust their unemployment benefits, directing much-
needed help to the unemployed who live in states where unemployment
rates are highest.
California has the 4th highest unemployment rate in the Nation and in
terms of my district the numbers are staggering:
Carson--12.6 percent
Compton--20.9 percent
Long Beach--13.7 percent
Signal Hill--9.4 percent
Mr. Speaker, although job losses have begun to decline more recently,
unemployment is still too high, and the American people need relief
now. With the national unemployment rate at 9.7 percent, we must act
now. Over 1 million people will exhaust their benefits by the end of
December if we do not act.
In addition to providing relief to the unemployed, H.R. 3548 will
help stimulate the economy. Extending unemployment benefits is one of
the most cost-effective and fast-acting ways to stimulate the economy
because the money
[[Page H12390]]
is spent quickly. Every $1 spent on unemployment benefits generates
$1.63 in new economic activity.
The new Senate amendments to this bill will do even more to breathe
life into our economy. With the inclusion of these amendments, this
crucial legislation will strengthen our domestic housing market by
extending the $8,000 first-time homebuyer tax credit through April,
2010. These amendments will also expand eligibility for the homebuyer
credit so more families qualify. Specifically, the bill will establish
a $6,500 tax credit for families that have lived in their current home
for five or more consecutive years and who are looking to purchase and
move into a new home. By expanding the tax credit to include more than
just first-time homebuyers, this bill will further stimulate the
economy and help us to continue to fully recover from the recession.
I strongly support these amendments because, for many people in my
district, the extended and expanded tax credit will allow them to
realize the American Dream of owning a home. If passed, this bill will
also provide housing tax relief for military families that have
sacrificed so much to defend our great nation.
Mr. Speaker, I urge my colleagues to support this necessary and
timely legislation because it provides relief to unemployed Americans
when they need it the most and it extends and expands the first-time
homebuyer tax credit. If we do not pass this bill, we will not only
face a financial crisis but a moral deficit in this country as well. We
cannot allow that to happen. I urge all members to vote ``aye'' on the
Senate amendments to H.R. 3548, the Unemployment Compensation Extension
Act of 2009.
Mr. VAN HOLLEN. Mr. Speaker, I rise in strong support of this
bipartisan legislation to extend unemployment insurance benefits,
extend and expand the homebuyer tax credit, and provide needed
liquidity to businesses struggling to stay afloat in this difficult
economy.
Millions of Americans remain unemployed through no fault of their own
and are struggling to make ends meet. If Congress and the President had
not taken action with the Recovery Act, millions more would be
unemployed. We now know that the Recovery Act has saved or created at
least 640,000 jobs across the country and 6,700 jobs in Maryland.
We are seeing signs of economic recovery and progress. The housing
and stock markets are rebounding and the gross domestic product
increased for the first time last month. To help sustain the rebound in
the housing market, I am pleased that the bill will extend the first-
time homebuyer tax credit as well as expand the credit to those
homeowners who have been in their current residence for at least the
last five years. Additionally, this legislation will provide needed
liquidity to cash-strapped businesses by giving companies a one-time
opportunity to carry back their operating losses for five years in
order to further support our economic recovery.
Mr. Speaker, much work remains to be done. Protecting the middle
class, rebuilding our economy, and providing job growth remains our top
priority. I urge my colleagues to support this much-needed legislation.
Mr. CONYERS. Mr. Speaker, I rise today in strong support of H.R.
3548, which extends unemployment benefits to scores of Americans who
are out of work due to the severe downturn in the economy. The bill
will also continue to extend the First Time Home Buyer Tax Credit
though April 30, 2010.
The $8,000 First Time Home Buyer Tax Credit program has allowed
approximately 350,000 hard working Americans to achieve the dream of
home ownership this year. Given that this nation is still struggling,
providing American families with an $8,000 homebuyer tax credit will
stabilize the housing market and stimulate the economy. The bill will
also provide a $6,500 homebuyer credit to current homeowners who
purchase another home.
Furthermore, providing an extension of the First Time Home Buyer Tax
Credit will also help further encourage job growth at a time when it is
desperately needed. With the purchase of a home, other jobs are created
in various sectors. This includes construction, plumbing, home
appliances, and numerous other jobs that are the result of expanding
affordable housing. There is also evidence that suggests that
neighborhoods are safer and become more stable when there are high
rates of home ownership in the community.
This legislation also extends unemployment benefits to millions of
Americans who otherwise would lose much needed and deserved benefits.
In this sluggish economy, American workers are finding it more
difficult to find good jobs and this benefit will fill this gap.
This bill could not be any timelier. It extends a provision that
allows states with high unemployment, like Michigan, to provide a total
of twenty weeks of extended benefits.
Mr. Speaker, I believe today's legislation will further help the
workers of Michigan through these difficult times. I rise in strong
support of H.R. 3548 and urge my colleagues to support today's
legislation.
Mr. BLUMENAUER. Mr. Speaker, Oregon has one of the highest
unemployment rates in the country at 11.5%, which means that hundreds
of thousands of Oregonians are without work. In the Portland region,
roughly 140,000 residents are out of work.
The average weekly unemployment insurance benefit in Oregon is $310.
Each week, I receive letters indicating how much of a lifeline these
unemployment benefits are. Unfortunately, many families are nearing the
end of these benefits.
Today, I voted to provide stability to American families hit hardest
by the recession by extending unemployment benefits. The legislation
will provide families with at least 14 weeks of additional benefits,
and six more weeks to those living in the 27 states with the highest
unemployment rates--states including Oregon. This means over 11,000
Oregonians will retain their insurance for an additional 20 weeks.
Also, this bill does not add to the deficit. Rather, it is paid for
by extending a federal unemployment tax that has been in place for more
than 30 years.
It is important to recognize that the losses from unemployment will
last long after these workers--and the millions like them around the
country--have again found work. Income losses for workers who are let
go in a recession can persist for as long as two decades, and in some
cases longer.
The economic crisis gripping the United States is one of the greatest
economic challenges that the country has faced. It can be squarely
traced to the ideology of economic deregulation, leaving the government
with few tools to address the reckless actions of many financial
institutions until it was too late.
It is time to rebuild the foundations of our economy and improve our
fiscal fitness. I look forward to working with my colleagues to create
a nation where every family is safe, healthy, and economically secure.
Ms. BORDALLO. Mr. Speaker, I rise today in support of H.R. 3548, the
Worker, Homeownership, and Business Assistance Act of 2009. The bill
contains an important provision extending and expanding the successful
First-Time Homebuyer Tax Credit to homes purchased through April 30,
2010. Under current law, the tax credit would expire on December 1,
2009, and would not apply to homes closed on or after that date. The
extension allows for homebuyers to claim the credit if they enter into
a binding contract before May 1, 2010 and close within 60 days of that
date. In addition to the extension of the First-Time Homebuyer Tax
Credit worth up to $8,000, the legislation expands the credit to
homebuyers who have been in their current residence for at least the
past five years. The expanded credit is worth up to $6,500.
There is strong evidence that suggests this program has greatly aided
in stabilizing our nation's housing market, and it has also helped to
improve Guam's housing market. The extension of the First-Time
Homebuyer Tax Credit will allow this program to complete its designed
purpose and provide a longer term stimulus to the recovering, but still
lagging housing market. This legislation further expands the tax credit
to current homeowners who have been in their homes for at least five
years but wish to move to a new residence. This expansion will provide
an additional incentive for responsible homeowners to participate in
this program. The tax credit will further stimulate the housing market
to a point where more potential buyers will enter the market, in turn
helping to stabilize and eventually increase housing prices. The
passage of this legislation marks an important step toward the full
recovery of our nation's housing market and our economy overall.
The SPEAKER pro tempore. The question is on the motion offered by the
gentleman from New York (Mr. Rangel) that the House suspend the rules
and concur in the Senate amendment to the bill, H.R. 3548.
The question was taken.
The SPEAKER pro tempore. In the opinion of the Chair, two-thirds
being in the affirmative, the ayes have it.
Mr. McDERMOTT. Mr. Speaker, on that I demand the yeas and nays.
The yeas and nays were ordered.
The SPEAKER pro tempore. Pursuant to clause 8 of rule XX and the
Chair's prior announcement, further proceedings on this motion will be
postponed.
____________________