Economic Stimulus Bills Expected to Become Law

As I write this Friday morning, Pres. Obama is expected to sign economy-boosting bills just passed by Congress.  Key provisions are:

• Tax credit of $8,000 to first-time homebuyers extended from Nov. 30, 2009 to April 30, 2010. (Extension)

• Unemployment benefits extended from the end of this year to 14 weeks in all states and 20 weeks in hardest-hit jobless states. (Extension)

• Companies given more leeway to apply losses to previous year's income, allowing them to qualify this year for total $33 billion in tax refunds. (New)

• Buyers who have owned their residence for at least five years and want to move up to a new home will receive a $6,500 tax credit. (New)

• Buyers who can qualify for the credit are couples earning up to $225,000 a year and individuals earning up to $125,000. That's up from the current $75,000 limits for individuals and $150,000 for couples.  (New)

• Homes valued at more than $800,000 do not qualify for tax credits.  (New)

• The bill is estimated to funnel $45 billion into the economy this year. (New)

The House of Representatives approved the measures by a vote of 403 to 12. All 12 House members voting against the bill are Republicans. The Senate passed the bill Nov. 4, in a 98 to 0 vote.

The bill would not add to the federal budget deficit, according to congressional estimates, in part because it would be financed by delaying until 2018 a tax break for multinational corporations related to taxes they pay abroad.