Obama signs unemployment benefits extension
Bill would also expand a homebuyers tax credit.
President Barack Obama signed a $24 billion bill this afternoon extending unemployment benefits and a tax credit for homebuyers.
The bill, HR 3548 , passed the House Thursday by a 403-12 vote.
It extends unemployment benefits by 14 weeks in all 50 states and six more weeks for states with high jobless rates.
It also continues the $8,000 credit for first-time homebuyers who enter into sales contracts by April 30, 2010. It would also add a $6,500 credit for current homeowners buying a new home as long as they've lived in the same home for five years.
The income cap for the homebuyers tax credit would also be raised to $125,000 for individuals and $225,000 for married couples, though it would not apply to homes sold for more than $800,000.
The bill also includes a tax cut for money-losing businesses.
-- Ryan Teague Beckwith, Congress.org
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