WASHINGTON, D.C. – Rep. Paul Tonko (NY-21) voted today to help those hit hardest by the recession by extending unemployment compensation for Americans who have lost or are on the verge of losing their benefits. The Emergency Unemployment Compensation Extension Act will provide immediate assistance, extending relief to millions of workers, families and businesses nationwide. The bill passed the House by a vote of 403-12.

“I am pleased that we were able to act quickly, decisively and in a bipartisan way to pass this bill so we can get help to those Americans who have lost their jobs because of the most severe economic downturn since the Great Depression,” said Rep. Tonko. “This extension will provide an immediate lifeline to those who have lost or who are on the verge of losing their unemployment benefits.”

This legislation will provide an additional 20 weeks of emergency unemployment compensation to 60,000 New Yorkers who have already run out of benefits, and another 30,000 who will run out by the end of the year. Extending benefits also helps stimulate local economies because the money will be spent on necessities -- items like groceries, gasoline, and mortgage payments.

This bill includes an extension of the $8,000 first-time homebuyer tax credit through April 30, 2010, and a $6,500 credit to new purchasers who have lived in their current residence for five years or more. It also increases the eligible income limits to receive these credits. 

In addition, it will also help military families struggling with mortgage payments by making those payments tax exempt.

Rep. Tonko added: “This legislation takes immediate steps to help stabilize our small businesses and strengthen our housing market. These efforts will be crucial as we work towards improving our economic outcome, and putting the unemployed back to work.”

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