By Frank James

The normally fractious Senate voted unanimously -- 98 to 0 -- on Wednesday evening to extend unemployment benefits for an additional 20 weeks.

The Senate also voted to extend the homebuyers tax credit as well as a tax break for small businesses. The cost of the legislation is an estimated $24 billion.

As the Associated Press reports:

Everyone will receive 14 weeks of additional benefits, while those in states with unemployment rates of 8.5 percent and above get six weeks on top of that.
With enactment, the jobless in the hardest-hit states could receive up to 99 weeks of benefits, which average about $300 a week. That would well exceed the previous record of 65 weeks during the 1970s.
The $8,000 tax credit for first-time homebuyers, enacted as part of the stimulus package last February and set to expire this month, would be extended and expanded to include a $6,500 credit for people who have lived in their current residences at least five years.

CQ.com has the following details about the House version of similar legislation and the Senate home buyer credit.

The House version of the bill, which passed by a vote of 331-83 on Sept. 22, would provide an additional 13 weeks of benefits only to jobless people in high-unemployment states.
The Senate bill would not only extend the homebuyer tax credit beyond its current Nov. 30 expiration date, it also would broaden eligibility for the tax break, at the urging of Johnny Isakson, R-Ga., the leading advocate of the incentive.
The bill would extend the $8,000 credit for first-time homebuyers who enter sales contracts by April 30, 2010, and close within 60 days. Individuals could claim the credit for purchases in 2010 on their 2009 tax returns, which would mean they could get the money relatively quickly. The measure would also add a $6,500 credit for existing homeowners, as long as they have lived in their homes for five consecutive years and stay in the new one for at least three years.
The income cap for qualifying would be raised to $125,000 for individuals and $225,000 for married couples, up from $75,000 and $150,000, respectively. But homes sold for more than $800,000 would not be eligible for the credit.

categories: Congress

6:55 - November 4, 2009

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