November 5, 2009

The House of Representatives passed Senator Chris Dodd's legislation today to extend the homebuyer’s tax credit and provide 14 additional weeks of jobless benefits for Connecticut workers. Dodd's legislation unanimously passed the Senate last night as part of a bill that will also extend unemployment insurance. The legislation now heads to President Obama's desk for his signature.

"Already, the homebuyer's tax credit has helped to stabilize the housing market," said Dodd. "And now thousands more middle-class families in Connecticut will be eligible to take advantage of this successful program. This extension and expansion will help our economy grow and allow many more middle-class families to realize the American Dream."

"And, for the many in Connecticut struggling in this difficult economy,” Dodd continues, “the extension of unemployment benefits will help them make ends meet while they look for work. I will continue to fight to create jobs in Connecticut -- and to help those who are out of work from falling through the cracks."

Dodd was joined by Senator Johnny Isakson (R-GA) in support of extending the first time homebuyer’s tax credit. The provision also expands the credit to cover people looking to buy a new home after having owned and lived in a home for more than five years. More than 70 percent of existing homeowners will now be eligible to take advantage of this program and use the credit to buy a new home.

Dodd co-authored the Senate bill, which provides a 14-week extension for workers in all states, including Connecticut, and an additional six weeks for workers in states where the three-month unemployment average is at or above 8.5 percent. Connecticut's three-month average is 8.1 percent.

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