New tax credits for homeowners

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Earlier this month, Congressman Tim Bishop voted to extend the home buyers’ tax credit, unemployment benefits and tax relief for military families and businesses.

According to Mr. Bishop, the “Emergency Unemployment Compensation Extension Act” will provide immediate assistance, extending relief to millions of workers, families and businesses nationwide. President Barack Obama signed the bill into law on Friday, November 6.

“Both Republicans and Democrats agree that we need to provide this immediate relief to struggling Long Islanders who have lost, or are on the verge of losing, their unemployment benefits in order to get our economy moving in the right direction,” Mr. Bishop wrote late last week. “In addition, the extension of the home buyer tax credit will continue to help stabilize our housing market as this tax credit has already done in recent months.”

The bill includes an extension of the $8,000 first-time home buyer tax credit through April 30, 2010 and provides a $6,500 credit to home buyers who have been in their current residence for five or more consecutive years out of the last eight years.

Those who may be eligible for the credit include first-time home buyers and new purchasers of principal residences up to $800,000. The tax credit will be available for individuals with incomes not exceeding $125,000 or for joint filers with combined incomes of up to $225,000.

The law will also help military families struggling to make mortgage payments by making those payments tax-exempt.

Additionally, the legislation will provide families in New York with 14 weeks of additional unemployment benefits.

For more information, visit timbishop.house.gov.