U.S. Senators Bob Corker and Lamar Alexander Wednesday voted to extend federal unemployment benefits. The Senate passed the Unemployment Compensation Extension Act of 2009, by a vote of 98 to 0.
“I supported this legislation – which is paid for and doesn’t add one penny to the federal deficit – to help Tennessee families and small businesses struggling to make ends meet in a tough economy. I’ve visited 60 counties and held more than 30 town hall meetings throughout our state this year, and I know communities large and small are hurting due to high unemployment. I hope this bill will provide those out of work with some additional reassurance as they try to get back on their feet. I know the ‘net loss carry back’ provisions in the bill will mean the difference between survival and not for a number of Tennessee businesses,” Corker said.
Alexander adds “This legislation provides up to 20 additional weeks of unemployment benefits for Tennesseans at a time when Tennessee’s unemployment rate has been at its highest levels in more than a quarter century. This bill also extends and expands the $8,000 tax credit for first-time homebuyers, which will continue to provide a much-needed boost to the housing market and the economy.”
The bill will extend federal jobless benefits by 14 weeks for unemployed workers in all 50 states, and in states where the unemployment rate is above 8.5 percent, including Tennessee, unemployed workers would be eligible for an additional six weeks of federal benefits. The bill also permits businesses to write off losses suffered during the recession against profits made over the past five years (known as net loss carry back) and receive a tax refund.
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