Sen. Murray pushes for extension of homebuyer’s tax credit, unemployment benefits in speech on Senate floor; her co-sponsored act passes

U.S. Sen. Patty Murray of Bothell delivered a speech on the floor of the Senate urging her colleagues to support the Worker, Homeownership and Business Assistance Act of 2009 Nov. 3. The act passed the full Senate, 98-0, the following day.

November 3, 2009 11:42 am

U.S. Sen. Patty Murray of Bothell delivered a speech on the floor of the Senate urging her colleagues to support the Worker, Homeownership and Business Assistance Act of 2009 Nov. 3. The act passed the full Senate, 98-0, the following day.

This bill is slated to expand and extend the successful homebuyer’s tax credit program that has allowed families to purchase homes and has helped stabilize the weakened housing market. The bill is also planned to provide a critical boost to businesses in Washington state and across the country by extending their ability to carry back losses they’ve suffered in 2008 or 2009. And it aims to help an estimated 18,000 unemployed Washington state residents by extending their benefits by up to 20 weeks while they look for a job.

“These programs will not only help families move into new homes, they would also increase liquidity and provide a shot in the arm to housing markets that still need support,” Murray said during her speech.

In her speech, Sen. Murray told the stories of three Washington state families who have contacted her about extending unemployment benefits. Sen. Murray mentioned Bill and Patricia Proffit from Littlerock, Donna Dettling from Olympia and Barbara Headrick from Monroe.

The Worker, Homeownership and Business Assistance Act of 2009 is slated to:

• Continue the $8,000 first-time homebuyer credit through April 30, 2010, and provide a $6,500 credit to new purchasers who have lived in their current residence for five or more years.

• Extend unemployment insurance by up to 14 additional weeks for jobless workers; and extend benefits for six additional weeks for workers in states with unemployment levels over 8.5 percent — such as Washington.

• Extend and expand the carry back provision to allow all businesses to carry back losses incurred in 2008 or 2009 for five years.

“We cannot sit by as working families are pushed to the brink by a financial crisis they didn’t create, but are still paying for,” Murray said.

Murray has spoken on the floor twice before about the need for the unemployment benefits extension.