Congressmen Travis Childers, D-1st, and Gregg Harper, R-3rd, joined their colleagues today in passing legislation that extends the homebuyers' tax credit for an additional three months. Earlier this fall, the Congressman introduced legislation to extend the credit for one full year. Today's bill, the Emergency Unemployment Compensation Extension Act, also provides stability to American families hit hardest by the recession by extending unemployment benefits and tax relief for military families and businesses.

The legislation is supported by the National Association of Realtors.

"This bill represents a significant step in extending and expanding the homebuyers' tax credit that was included in the Recovery Act," said Childers. "I recently introduced legislation that would extend the credit for one year and expand it to all individuals or families purchasing a principle residence. As a veteran realtor for over 30 years, I know how important stabilizing the housing market is to achieving overall economic recovery, and I intend to continue working to see that these provisions are implemented.

"Today's legislation will also provide immediate, much-needed relief to hard-working Mississippians who have lost, or are on the verge of losing, their unemployment benefits. The families who receive these benefits will be able to put money right back into our local economies, keeping our country moving in the right direction. In addition, the bill will help stabilize our small businesses, creating more jobs and further stimulating economic growth," Childers added.

"With national unemployment nearing double-digit figures, I am concerned for the well being of Mississippi's families as well as the negative impact that people being without work is having on small businesses," said Harper. "The impact of this legislation is that payments will be turned over quickly giving folks the ability to use the monies immediately, which should have a stimulative effect on our economy."

The bill is fully paid for and will provide immediate, effective stimulus to the local economy. Specifically, it will provide families in all states with 14 weeks of additional benefits, and six more weeks to the 27 states with the highest unemployment rates -- including Mississippi. Hard-working Mississippians who have exhausted or will soon exhaust their benefits will be eligible for a total of 20 additional weeks of emergency unemployment compensation.

To breathe life back into American businesses suffering from huge losses, this bill also allows U.S. companies to carry back losses incurred in either 2008 or 2009 against income earned in any of the five prior years.