Congress Extends Unemployment Insurance

Without this legislation it is estimated that nationwide more than 1.3 million people would have run out of unemployment compensation by the end of the year, including 90,000 people in the state of New York.

"I am pleased that the President is signing this bill so quickly," said Serrano. "During these turbulent economic times it is clear that many people are losing their jobs through no fault of their own and it is imperative that we provide the assistance they need to get back on their feet. Finding a job today is challenging and many people will need longer than six months to find employment, so it is important that we have taken this step to give people more time."

This bill will also extend the Home Buyer Tax Credit which was set to expire at the end of this month until April 30, 2010. This $8,000 tax credit is for first time home buyers. To expand the tax credit to more families, income limits for single taxpayers would be $125,000 and $225,000 for married taxpayers. Homebuyers living in their residence for five or more consecutive years out of the last eight years will qualify for a $6,500 tax credit. Military service men and women will be allowed to apply for this credit until April 30, 2011.