[Congressional Record Volume 155, Number 165 (Friday, November 6, 2009)]
[Extensions of Remarks]
[Pages E2749-E2750]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




            UNEMPLOYMENT COMPENSATION EXTENSION ACT OF 2009

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                               speech of

                           HON. RUSH D. HOLT

                             of new jersey

                    in the house of representatives

                       Thursday, November 5, 2009

  Mr. HOLT. Mr. Speaker, I rise in support of the Worker, 
Homeownership, and Business Assistance Act of 2009, H.R. 3548. This 
emergency extension of unemployment benefits for states with high rates 
of unemployment is important for my home state of New Jersey and I urge 
this body to pass this legislation and the President to sign it 
expeditiously.
  With over 15 million Americans currently out of work it is essential 
that this body take action to preserve jobs by helping companies

[[Page E2750]]

that are struggling in these uncertain economic times. More and more 
companies are falling into the position where their losses exceed their 
income. Businesses are being forced to close their doors, lay off 
employees and cut operating costs.
  As American employers continue to struggle to stay afloat in the 
worst economic crisis since the 1930s, Congress must fully utilize the 
tax code to provide timely and targeted relief for American 
entrepreneurs. Current tax law allows ``net operating loss carrybacks'' 
to help companies recoup their losses by offsetting taxable income from 
the two previous tax years. In the American Recovery and Reinvestment 
Act Congress extended the period that small businesses could write off 
their net operating losses for 2008 and 2009 from two years to five 
years; enacting H.R. 3548 will extend to this all companies that have 
suffered losses during this recession.
  Extending the net operating loss provision will help businesses free 
up funds and prevent further job loss, which is critical for our 
economic security. This bill will provide essential tax relief that 
gives owners and entrepreneurs better means to make payroll and invest 
in new equipment, put people back to work, and create new jobs when 
they can.

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