Press Release

Contact: Sabrina Siddiqui 202-226-6476

Washington, Nov 5 - Congressman Dave Loebsack (D-IA) today voted to extend unemployment compensation for Iowans. This month, Congressman Loebsack introduced legislation to expand extended unemployment benefits in Iowa, and other states, after the U.S. House passed a bill that did not benefit Iowa workers. In the amended Emergency Unemployment Compensation Extension Act, provisions similar to Congressman Loebsack’s legislation are included. The bill will help families hit hardest by the recession by extending unemployment benefits, the homebuyers’ tax credit, and tax relief for military families and businesses.

“As a representative of the Second District, my priority first and foremost, is to listen to the voices of my constituents. Unemployment is in the double digits in some parts of my district, and Iowans are hurting,” said Congressman Loebsack. “There are now provisions in the unemployment extension bill that will help more Iowans, and I look forward to working to get this bill signed into law. The sooner we can tell Iowa families that help is on the way, the better.”

The extension is fully paid for and will provide immediate, effective stimulus to the local economy. In Iowa, the legislation will provide families with 14 weeks of additional benefits. The Congressional Budget Office has cited unemployment benefits as one of the most cost-effective forms of economic stimulus, and every dollar spent on unemployment benefits generates $1.63 in new demand, according to Moody’s chief economist Mark Zandi.

The bill includes an extension of the $8,000 first-time homebuyer tax credit through April 30, 2010 and provides a $6,500 credit to new purchasers who have lived in their current residence for five years or more. It also helps military families struggling to make mortgage payments by making those payments tax-exempt. Additionally, this bill allows U.S. companies to carry back losses incurred in either 2008 or 2009 against income earned in any of the five prior years.   

For more information on the unemployment extension bill introduced by Congressman Loebsack, Congressman Peter Welch (VT), Congressman Paul Hodes (NH) and Congressman Tom Perriello (VA) click here. The Emergency Unemployment Compensation Extension Act is now being sent to President Obama.