[Congressional Record Volume 156, Number 80 (Tuesday, May 25, 2010)]
[Extensions of Remarks]
[Pages E935-E936]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




       PERMANENTLY EXTENDING THE FIRST-TIME HOMEBUYER TAX CREDIT

                                 ______
                                 

                             HON. RON PAUL

                                of texas

                    in the house of representatives

                         Tuesday, May 25, 2010

  Mr. PAUL. Madam Speaker, today I introduce legislation to permanently 
extend the first-time homebuyer tax credit and to make the credit 
available to people whose homes have been destroyed by a natural 
disaster, such as a hurricane. The legislation also makes a number of 
changes to existing tax credits in order to enhance their usefulness to 
victims of natural disasters. Specifically, this bill makes the 
casualty loss deductions available to taxpayers who do not itemize and 
it makes the casualty loss provision available for five years after the 
disaster. This legislation also helps people who have lost their jobs 
because of a natural disaster by making unemployment payments provided 
under the Disaster Relief and Emergency Assistance Act tax free.
  Renewing the first-time home buyer's credit will help Americans 
purchase a first home with their own money, instead of having to rely 
on government-funded or backed programs. The other sections of this 
legislation were inspired by conversations my staff and I had with 
constituents who had to purchase new homes because Hurricane Ike 
destroyed their prior homes. The first-time homebuyer's tax credit 
could be of tremendous value to these people, yet the law denies them 
the credit because they are replacing destroyed homes. My bill not only 
reinstates that first-time homebuyer's credit, it also corrects that 
oversight.
  It is hard to think of a more beneficial or compassionate expansion 
of the first-time homebuyer tax credit than to make the credit 
available to those whose homes have been destroyed or damaged by 
natural disasters. In

[[Page E936]]

addition, the changes to the casualty loss provision will help more 
taxpayers affected by natural disasters. Repealing the taxes on 
unemployment benefits provided to people affected by natural disasters 
will ensure those forced onto the unemployment rolls because of a 
natural disaster are not further burdened by having to pay taxes on 
their unemployment benefits. Providing tax relief to first-time 
homebuyers and to those affected by natural disasters should be one of 
Congress' top priorities. I therefore urge my colleagues to join me in 
supporting this legislation.

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