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National
Key Vote
Extending Federal Emergency Unemployment Benefits and Providing Business and Homebuyer Tax Credits
Project Vote Smart's Synopsis:
Vote to concur with Senate amendments and pass a bill that extends the availability of federal emergency unemployment compensation, the homebuyer tax credit for first-time purchasers and certain homeowners, and the carry back period for net operating losses.
Official Title of Legislation:
HR 3548: To amend the Supplemental Appropriations Act, 2008 to provide for the temporary availability of certain additional emergency unemployment compensation, and for other purposes.
Highlights:
-Extends second-tier unemployment benefits and specifies everyone will be eligible to receive the lesser of the following (Sec. 2):-54 percent of the total amount of compensation, including benefits paid to dependents, as provided by existing state law during the benefit year; or
-14 times the individual's average weekly benefit, including benefits paid to dependents, as provided by existing state law. -Establishes third-tier unemployment benefits for states with unemployment rates of at least 6.5 percent for the last 3 months, for which an individual is eligible to receive the lesser of the following once second-tier benefits have been exhausted (Sec. 3):-50 percent of the total amount of regular compensation, including benefits paid to dependents, pas provided by existing state law during the benefit year; or
-13 times the individual's average weekly benefit, including benefits paid to dependents, as provided by existing state law. -Establishes fourth-tier unemployment benefits in states that have unemployment rates of at least 8.5 percent for the last 3 months, for which an individual is eligible to receive the lesser of the following once third-tier benefits have been exhausted (Sec. 4):-24 percent of the total amount of regular compensation, including benefits paid to dependents, as provided by existing state law during the benefit year; or
-6 times the individual's average weekly benefit, including benefits paid to dependents,as provided by existing state law. -Extends the 6.2 percent tax rate imposed by the Federal Unemployment Tax Act on the first $7,000 in wages paid by employers through June 31, 2011, at which point the tax is reduced to 6 percent, whereas existing law required the tax rate be reduced to 6 percent in 2010 (Sec. 10).
-Extends a homebuyer tax credit of 10 percent of the purchase price up to $8,000 for first-time purchasers who buy a principal residence before May 1, 2010, whereas existing law required the tax credit expire for homes purchased after December 1, 2009 (Sec. 11).
-Establishes a homebuyer tax credit of up to $6,500 for homeowners who file jointly and $3,250 for single homeowners who have lived in their principal residence for at least 5 consecutive years out of the past 8 years (Sec. 11).
-Prohibits a homebuyer tax credit for first time purchasers who buy a home that exceeds $800,000 (Sec. 11).
-Increases the income limitation for the homebuyer tax credit for homeowners living in their home for at least 5 years from $75,000 for singles and $150,000 for joint filers to $125,000 for singles and $225,000 for joint filers (Sec.11).
-Extends the homebuyer tax credit for members of the armed services who purchase a principal residence before May 1, 2011, whereas existing law repealed the credit on May 1, 2010, and specifies that any member of the armed services who is forced to sell that home within three years of the purchase for reasons of overseas deployment will not have to pay back the credit (Sec. 11).
-Extends the net operating loss deduction period from 2 years to 5 years, and includes net losses during the year of 2009 (Sec. 13).
-Limits the net operating deduction to 50 percent of an individual's taxable income, except for businesses with annual gross receipts of $15 million or less (Sec. 13).
-Prohibits businesses that receive benefits from the Troubled Asset Relief Program (TARP), including Fannie Mae and Freddie Mac, from being eligible to file for the 5-year carry back of net operating losses tax credit (Sec. 13).
Link to Legislation: http://thomas.loc.gov/cgi-bin/query/z?c111:hr3548:
House Passage: 09/22/2009 : Bill Passed: 331 - 83 (Roll no. 722)
NOTE: THIS VOTE WAS TAKEN UNDER A SUSPENSION OF THE RULES TO CUT OFF DEBATE EARLY AND VOTE TO PASS THE BILL, THEREBY REQUIRING A TWO-THIRDS MAJORITY FOR PASSAGE. Senate Cloture Vote: 10/27/2009 : Cloture Invoked: 87 - 13 (Record Vote Number 329)
NOTE: THIS IS A VOTE TO INVOKE CLOTURE ON A MOTION TO PROCEED, WHICH SENDS THE LEGISLATION TO THE FLOOR OF THE SENATE FOR DEBATE AND AMENDMENT. A MOTION TO PROCEED ALONE REQUIRES A MAJORITY FOR APPROVAL. HOWEVER, THE MOTION CAN BE FILIBUSTERED, AND WHEN THIS OCCURS, A CLOTURE VOTE IS NECESSARY TO VOTE ON THE MOTION TO PROCEED. A THREE-FIFTHS MAJORITY OF THE SENATE IS NECESSARY TO INVOKE CLOTURE. Senate Motion Vote: 10/29/2009 : Motion Agreed Voice Vote
NOTE: THIS IS A VOTE ON A MOTION TO PROCEED, WHICH SENDS THE LEGISLATION TO THE FLOOR OF THE SENATE FOR DEBATE AND AMENDMENT. A MOTION TO PROCEED REQUIRES A MAJORITY OF THE SENATE FOR APPROVAL. Senate Passage With Amendment: 11/04/2009 : Bill Passed 98 - 0 (Record Vote Number 334)
NOTE: THIS IS A SUBSTITUTE AMENDMENT, WHICH REPLACES THE ENTIRE TEXT OF THE LEGISLATION WITH A NEW TEXT. House Concurrence Vote: 11/05/2009 : Concurrence Vote Passed 403 - 12 (Roll no. 859) President Passage: 11/06/2009 : Signed Became Public Law Number 111-092
Sponsor: Rep. McDermott, James (D-WA)
Cosponsors: Rep. Ackerman, Gary (D-NY)
Rep. Berkley, Shelley (D-NV)
Rep. Blumenauer, Earl (D-OR)
Rep. Capuano, Michael (D-MA)
Rep. Conyers, John Jr. (D-MI)
Rep. Costa, Jim (D-CA)
Rep. Davis, Danny (D-IL)
Rep. DeLauro, Rosa (D-CT)
Rep. Delahunt, William (D-MA)
Rep. Dingell, John (D-MI)
Rep. Doyle, Michael Jr. (D-PA)
Rep. Etheridge, Bob (D-NC)
Rep. Farr, Sam (D-CA)
Rep. Filner, Bob (D-CA)
Rep. Green, Al (D-TX)
Rep. Hinchey, Maurice (D-NY)
Rep. Hirono, Mazie (D-HI)
| Rep. Jackson, Jesse Jr. (D-IL)
Rep. Johnson, Henry Jr. (D-GA)
Rep. Kildee, Dale (D-MI)
Rep. Kucinich, Dennis (D-OH)
Rep. LaTourette, Steven (R-OH)
Rep. Langevin, James (D-RI)
Rep. Levin, Sander (D-MI)
Rep. Lewis, John (D-GA)
Rep. Maloney, Carolyn (D-NY)
Rep. Meek, Kendrick Sr. (D-FL)
Rep. Miller, Candice (R-MI)
Rep. Nadler, Jerrold (D-NY)
Rep. Neal, Richard (D-MA)
Rep. Pascrell, William Jr. (D-NJ)
Rep. Peters, Gary (D-MI)
Rep. Rangel, Charles (D-NY)
Rep. Richardson, Laura (D-CA)
| Rep. Rogers, Mike (R-MI)
Rep. Rothman, Steven (D-NJ)
Rep. Serrano, José (D-NY)
Rep. Sestak, Joseph Jr. (D-PA)
Rep. Sherman, Brad (D-CA)
Rep. Sires, Albio (D-NJ)
Rep. Stark, Fortney (D-CA)
Rep. Sutton, Betty (D-OH)
Rep. Sánchez, Linda (D-CA)
Rep. Van Hollen, Christopher Jr. (D-MD)
Rep. Wasserman Schultz, Debbie (D-FL)
Rep. Wilson, Charles Jr. (D-OH)
Rep. Woolsey, Lynn (D-CA)
Rep. Wu, David (D-OR)
Rep. Yarmuth, John (D-KY)
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PVS provides summaries for each version of the bill selected as a key vote. The summary does not necessarily reflect the final version of the bill. For further status information, call the Voter's Research Hotline at 1-888-VOTE-SMART (1-888-868-3762).
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