Congresswoman Chellie Pingree says legislation is  'essential to getting our economy back on track'

Today the House passed legislation to extend unemployment benefits as well as expand and extend the popular first time homebuyers tax credit.
 
“Nearly 5,000 Maine people would otherwise have their unemployment benefits expire by the end of the year without this legislation,” Pingree said.  “With winter and the holiday fast approaching, this is not the time to let these critical benefits run out for the people who have been hardest hit by the recession.”
 
Pingree also said the measure passed today will help stimulate the Maine economy.  “Every $1 we invest in unemployment benefits generates $1.61 in spending. That’s money that goes directly into the local economy to pay for necessities like rent, heating and groceries.”
 
The bill the House passed today also extends and expands the popular first time homebuyers tax credit.  The credit was set to expire at the end of this month, but the legislation Pingree voted for today extends it to the end of April, 2010, with an additional 60 day window for homes put under contract by the April 30 deadline.  The bill also increases the income limit from $70,000 for individual taxpayers and $150,000 for couples to $125,000/$225,000 and creates a $6,500 credit for homebuyers who have been in their current residence for the last five years or more.

“This tax credit has helped stimulate the housing market and put the dream of home ownership within reach for many Maine families,” Pingree said.  “Extending and expanding the program is the right thing to do.”
 
The bill now goes on to the President for his signature.