WASHINGTON -- The Senate passed a bill extending unemployment benefits for more than a million jobless Americans.
Many of them are expected to lose their unemployment benefits by the end of the year. Unemployed Americans will now be able to receive up to almost two years of unemployment.
The bill will extend jobless benefits another 14 weeks in all states. In states where jobless claims are above 8.5 percent, benefits are extended an additional 6 weeks.
The first time home buyers tax credit will also continue with the bill's passage. The $8,000 tax credit is being extended for an additional seven months.
The bill also helps homeowners who've owned their homes for at least 5 years to be eligible for a tax credit up to $6,500. To qualify for either tax credit, consumers must sign purchase agreements before May 1 and close before July 1.
In addition, businesses that have had losses in 2008 and 2009 will be able to seek refunds for taxes paid on profits over the past five years.
The bill will now go to President Barack Obama, who is expected to sign it Friday.
