Unemployment Extension Bill: What It Does And Doesn’t Have In ItBy Ashley Jones on July 23, 2010, 7:25 am Posted in Business News
The House of Representatives voted 272-152 today for extending the unemployment benefits that ended for 2.3 million Americans since the beginning of June. This comes after the Senate passed the bill yesterday by a vote of 59-39, with the appointment of Carte Goodwin, the late Sen. Byrd’s successor. The bill was send to President Obama, who is expected to sign it into law right away. This bill will extend benefits to many American until November, when the debate to extend federal benefits will start all over again.
What It Does And Doesn’t Have In It
This fourth extension to the federal unemployment benefits does not include the $25 stimulus bonus that was previously added to claimants weekly benefit amounts. It also does not include the fed income tax exemption on the first $2400 of the benefits, which will make more taxes due come April 15th for claimants. An additional fifth tier was also not included in this bill which would have extended benefits for claimants who exhausted their ninety-nine weeks of benefits.
The 2 million dollar health insurance subsidy was also eliminated from the bill. This subsidy was created last year to help former employees continue to carry health insurance through their previous employers. This will mean is another 2 million households will be without health insurance.
This new bill does include retroactive payments to claimants who had already lost their benefits. Claimants must still be eligible for one of the four tiers of the Federal Extension. Depending on the state, some claimants could wait up to a month before receiving retroactive payments. Final step will be President Obama signing the bill.