Norton's D.C. Homebuyer and Business Tax Incentives Pass Senate in Today's Big Tax Cut Bill

Norton's D.C. Homebuyer and Business Tax Incentives Pass Senate in Today's Big Tax Cut Bill

December 15, 2010

WASHINGTON, DC -- The Office of Congresswoman Eleanor Holmes Norton (D-DC) announced that the Senate today passed a two-year extension of Norton's unique tax incentives for D.C. residents and businesses as part of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. The D.C. tax incentives, which will be retroactive for 2010 and will continue through 2011, include the popular $5,000 homebuyer tax credit and business tax incentives, including a $3,000 wage credit for each D.C. resident hired by, or already employed at, many D.C. businesses.

"I could not be more pleased that we were successful in including our tax incentives in today's larger tax cut bill," said Norton. As the economy emerges from the Great Recession, our tax incentives for businesses to invest here and hire D.C. residents, as well as for our residents to buy houses, could not come at a better time. House prices, for example, will not be as low as they are now for years to come. "These tax incentives, which can only be used in the District, will also help to stabilize the city's economy and to accelerate our economy's recovery."

The bill also extends all the income tax cuts enacted by the George W. Bush administration for two years, extends the expanded Child Tax Credit and Earned Income Tax Credit, and continues Emergency Unemployment Compensation benefits for one year, among other provisions. "This tax package contains many provisions that are critical to middle-class Americans and millions of our unemployed citizens, but I strongly object to its extension of income tax cuts for the richest 2% of Americans and its estate tax provision, which benefits multimillionaires," Norton said.