Worker, Homeownership and Business Assistance Act of 2009 Signed Into Law

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construction; government contractor and technology; not-for-profit; real estate; emerging growth companies tax; business advisory

By: Jason Quinn

Abstract:

On November 6, 2009, President Obama signed the Worker, Homeownership and Business Assistance Act of 2009 (the “Act”) into law. The Act expands on two important tax provisions: the first-time homebuyer’s credit and the 5-year net operating loss carryback provision from the American Recovery and Reinvestment Act.

First-Time Homebuyer’s Credit
The updated first-time homebuyer’s credit has been extended for qualifying first-time home purchases after the date of enactment and before May 1, 2010.

5-Year Net Operating Loss Carryback Period
The Act expands on the American Recovery and Reinvestment Act 2009’s introduction of an election to extend the net operating loss carryback period for losses incurred by small businesses in 2008 to 3, 4, or 5 years.

The approved legislation not only extends and broadens the first-time homebuyer credit, but also expands on the net operating loss carryback provision from the Recovery Act.

To learn more about the specifics of the Act and how it impacted the first-time homebuyer credits, as well as net operating loss carryback periods, please download the PDF of the full article.

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