Washington, D.C. – November 4, 2009 – (RealEstateRama) — Montana’s senior U.S. Senator Max Baucus today applauded the Senate for passing his bill to extend the $8,000 tax credit to more of Montana’s first time homebuyers.
The bill also includes tax help for Montana’s military families who must sell their homes because of a reassignment. Both measures were added to the unemployment extension bill that passed the U.S. Senate tonight.
“Now, Montana families looking to buy their first home are one step closer to achieving their dream; military families forced to move because of their service to our country will be treated fairly; and families that are now depending unemployment to pay the rent or mortgage are one step closer to getting assistance during these tough economic times,” Baucus said. “This will help our economy recover more quickly and create good paying jobs. It’s great news.”
Baucus ensured the bill contained a provision to extend the first-time homebuyer and net operating loss carryback tax relief provisions. The homebuyer tax credit extension continues the $8,000 first-time homebuyer credit through April 30, 2010. It also provides a $6,500 credit to new purchasers who have lived in their current residence for five years or more.
The net operating loss carryback (NOL) provision is expanded to allow U.S. companies of every size to recoup some of their losses in 2008 or 2009 against income earned in any of the five prior years.
Baucus’ provisions were added to the Unemployment Insurance Extension passed the Senate overwhelmingly today on a vote of 98 to 0. The extension itself means people struggling to find work will receive an additional 14 weeks of unemployment insurance.
The bill is now headed to the house for approval, it will then be sent to the President and signed into law.