Relief for Long Term Unemployed; Another Boost for Homebuyers

With hundreds of thousands of jobless people about to run out of all benefits, congress has moved to extend unemployment benefits by 14 weeks nationwide for those whose relief has run out, and up to 20 weeks in states — 26 currently — where the unemployment rate is over 8.5 percent.

For the moment, the extra 14 weeks is the number that applies in NH.

The legislation also continues the $8,000 tax credit for first-time home buyers for another five months. It creates a new $6,500 tax credit for certain homeowners who want to buy another home.

It has something for businesses too. The stimulus act gave small businesses the chance to deduct losses from their income in five profitable years rather than two. This bill extends that tax break to most businesses.