Taxes

November 17, 2009 -- Washington, DC -- Today, Congressman Hodes introduced and passed an amendment to financial industry reform legislation that would prevent more taxpayer-funded bailouts from occurring in the future. Congressman Hodes offered his amendment to the Financial Stability Improvement Act of 2009 in order to ensure that taxpayers are never again forced to pay for the reckless mistakes of Wall Street executives. The Financial Services Committee passed the amendment unanimously.    » read more »

November 17, 2009 -- “While it is good to know that 14,700 people have now disclosed previously hidden offshore bank accounts, the U.S.–Swiss Annex disclosed today, designed to compel disclosure of the names of U.S persons with Swiss accounts at UBS, is very disappointing.

"It complicates and muddies what should have been a straightforward agreement by UBS and the Swiss Government to disclose Swiss accounts hidden from the United States by U.S. accountholders.

"UBS admitted last year that it ‘participated in a scheme to defraud the United States’ out of tax revenue. Since then, UBS has been prohibited by its government from simply turning over the names of the 52,000 U.S. clients suspected of participating in that tax evasion scheme with UBS.    » read more »

Senators' Legislation Provides Certainty & Fairness, While Being More Fiscally Responsible

November 17, 2009 -- WASHINGTON – Sens. Tom Carper (D-Del.) and George V. Voinovich (R-Ohio) today reintroduced fiscally responsible bipartisan legislation to exempt families, farms and small businesses from the estate tax burden.

The legislation, which also reflects proposals advocated by President Obama, would freeze the estate tax at its current 2009 levels. Under the bill, the value of any estate above $7 million per couple or $3.5 million per individual will be taxed at a 45 percent rate. That rate will remain constant, while exclusion amounts will be adjusted upward each year to account for inflation.    » read more »

November 16, 2009 – Washington, DC – Congressman José E. Serrano today announced that several local groups had been awarded matching grants by the IRS to fund their Volunteer Income Tax Assistance (VITA) program. Serrano helped to start and fund this vital grant program when he became chairman of the House Appropriations Subcommittee that oversees the IRS’s budget.

Included in the latest funding list are the following Bronx organizations: Food Bank for NYC/Food for Survival, Inc. in the Bronx ($115,000); The NYC Financial Network Action Consortium ($90,000) and SEEDCO ($50,000).    » read more »

At Columbus Couple’s First Home, Senator, CHP Underscore How Federal Credit Can Help Strengthen Columbus Real Estate Market

November 16, 2009 -- COLUMBUS, OH – At the soon-to-be new home of Mike Decker and Katie Arends, who used the first-time homebuyer federal tax credit to build their first house, U.S. Senator Sherrod Brown (D-OH) today discussed how the newly extended federal tax credit can help other Columbus community members purchase new homes. Brown fought in Congress to extend the tax credit through April, which the president signed into law earlier this month.    » read more »

6 November 2009 -- Washington, DC - Congressman John Adler voted this week to extend and expand the tax credit for first-time homebuyers. The bill passed the House of Representatives by a vote of 403 to 12.

"We must continue to do everything possible to stabilize home prices for middle class families," Congressman Adler said. "By extending this tax credit, we are preserving home equity and strengthening our local economy."    » read more »

Worker, Homeownership and Business Assistance Act helps struggling Americans, first-time homebuyers and grows the economy

Washington, D.C. -- November 4, 2009 -- Today, Senator Arlen Specter (D-Pa.) commented on the passage of the Worker, Homeownership and Business Assistance Act. The bill provides 14 weeks of additional Federal-State Unemployment Insurance Program (UI) benefits to all states. In addition, it provides another six weeks of benefits to recipients in states such as Pennsylvania where unemployment exceeds 8.5 percent. The bill passed the Senate unanimously.    » read more »

November 5, 2009 -- WASHINGTON, DC - Senator Joe Lieberman (ID-CT) praised the Senate's passage of legislation to extend unemployment benefits to Connecticut workers for an additional 14 weeks. The bill, cosponsored by Senator Lieberman, also extends the homebuyer tax credit through April 30, 2010 and expands its availability to move-up homebuyers.    » read more »

November 4, 2009 -- [After ending a Republican filibuster on the bill earlier in the day, in a vote of 98 to 0, the U.S. Senate Wednesday night approved legislation to: 1) extend unemployment insurance by up to 14 additional weeks for jobless workers across the nation; 2) continue the $8,000 first-time homebuyer credit through April 30, 2010, but with 60 days to close after that date; 3) provide a $6,500 credit to new purchasers who have lived in their current residences for five or more years; and 4) extend and expand the carry back provision to allow all businesses to carry back losses incurred in 2008 or 2009 for five years.    » read more »

November 4, 2009 -- WASHINGTON – Sens. Tom Carper and Ted Kaufman (both D-Del.) today voted to extend federal unemployment insurance for up to 14 additional weeks for the state’s jobless, noting additional benefits are needed in Delaware where unemployment stands at more than eight percent. Late today, the Senate passed the Workers, Home Owners, Business Assistance Act (H.R. 3548) by a vote of 98 to 0.    » read more »

Casey’s homebuyer tax credit fraud prevention provisions included

November 4, 2009 -- WASHINGTON, DC- U.S. Senator Bob Casey (D-PA) today applauded Senate passage of legislation to extend unemployment insurance for laid-off workers who have exhausted their benefits, to expand and extend the homebuyer tax credit and provide relief to businesses with operating losses. The legislation must now be reconciled with the House before being sent to the president.    » read more »

November 4, 2009 -- WASHINGTON – Sens. Tom Carper and Ted Kaufman (both D-Del.) today voted to extend federal unemployment insurance for up to 14 additional weeks for the state’s jobless, noting additional benefits are needed in Delaware where unemployment stands at more than eight percent.

Late today, the Senate passed the Workers, Home Owners, Business Assistance Act (H.R. 3548) by a vote of 98 to 0.    » read more »

Bill Would Provide Extra Unemployment Assistance for Workers in States like Ohio and Would Expand Homebuyer Tax Credit

November 4, 2009 -- WASHINGTON, D.C. – U.S. Senator Sherrod Brown (D-OH) announced Senate passage this evening of a bill that would provide for an extension of emergency benefits to unemployed workers and expand the homebuyer tax credit. Brown is a cosponsor of the Worker, Homeownership, and Business Assistance Act of 2009, which would extend unemployment insurance by 14 weeks (with an additional six weeks for workers in high unemployment states like Ohio) and expand the first-time homebuyer tax credit to include existing homeowners who have not moved for five years or more.    » read more »

14,000 Jobless Coloradans Expected to Lose Unemployment Benefits by Year's End

November 4, 2009 -- Following a push to ensure that the Senate's extension of unemployment benefits includes Coloradans, Michael Bennet and Mark Udall, U.S. Senators for Colorado, today announced Senate passage of the Worker, Homeownership, and Business Assistance Act of 2009. The legislation, which they cosponsored, would provide relief to jobless workers by extending unemployment insurance for the nearly 14,000 jobless Coloradans who will exhaust their benefits by year's end. It also extends the homebuyer tax credit and provides important tax relief for Colorado families and small businesses.

The legislation is fully offset.    » read more »

Legislation also expands business tax credits, extends unemployment benefits

November 5, 2009 -- In an effort to help recharge Alaska's economy and hundreds of small businesses, U.S. Senator Mark Begich today supported legislation to extend the first-time homebuyer tax credit, and the expansion of a program allowing businesses to relieve their tax burden.

The Worker, Homeownership and Business Assistance Act passed the Senate by a vote of
98 to 0. The Act, co-sponsored by Sen. Begich, continues the $8,000 first-time homebuyer credit through April 30, 2010, allowing purchasers with a valid contract an additional 60 days to close after that date. It also provides a $6,500 credit to new purchasers who have lived in their current residence for five years or more.    » read more »