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The House is expect to approve of the Unemployment Compensation Extension Bill of 2009 (HR 3548) once Senate lawmakers complete work on the measure, House Majority Leader Steny Hoyer, D-Md., told reporters on November 3.

The Senate is expected to vote on the legislation by November 5, and House lawmakers would take action as soon as possible thereafter, Hoyer said. The bill would provide 14 additional weeks of benefits to all unemployed people who exhaust their benefits. The total cost of the package is $2.4 billion and would be paid for with an extension of the federal unemployment tax (FUTA) until June 30, 2011. The bill also extends the $8,000 tax credit for first-time homebuyers through April 2010 and allows a reduced credit of $6,500 for homeowners who have lived in their current residence for five years or more. Hoyer said House lawmakers would agree to the modified homebuyer tax credit and other tax provisions added by Senate lawmakers, including a two-year extension of net operating loss (NOL) rules for businesses.

By Stephen K. Cooper, CCH News Staff