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The Reid Report
November 5, 2009
Dear Fellow Nevadan,
It’s no secret that foreclosures and unemployment are hurting families and communities across our state. Not a day goes by that I don’t think of how to help Nevadans get back to work and keep their homes. Putting our economy back on track won’t happen overnight, but yesterday I voted to pass legislation that will help Nevada’s families and workers.
 I have received letters and calls from hundreds of unemployed Nevadans who are forced to rely on unemployment insurance benefits while they search for a new job. Many of them tell me that being able to pay the bills is about more than just keeping the lights on, it’s about keeping their dignity too. For weeks, I have been pushing the Senate to extend unemployment benefits for hard-hit states like ours, and last night we finally succeeded. While most states will get 14 additional weeks of benefits, I pushed hard to get Nevada and a small handful of other hard-hit states 20 weeks of benefits. This will allow Nevadans looking for work to pay the bills, support their families, and put food on the table.
I also made sure that this legislation included two important improvements to the homebuyer tax credit, which is critical to helping Nevada’s housing market recover. First, the $8,000 first-time homebuyer tax credit is extended through June 30, 2010 and is expanded to a greater number of potential buyers. By the end of November, it is estimated that 25,000 Nevadans will have taken advantage of the first-time homebuyer tax credit this year. Second, the credit is extended beyond first-time homebuyers to those who have owned a home for at least five of the previous eight years.
This legislation matters not only to those buying a home, but also to those who currently own a home but have seen its value drop in recent years. Extending this program will reduce the number of vacant, foreclosed properties, which hurt values throughout neighborhoods. Importantly, this tax credit also means thousands of new jobs for Nevada’s homebuilders.
Finally, the legislation provides tax relief to Nevada’s businesses, helping them to meet their payrolls and continue operations. Companies that lost money in 2008-2009 can recoup taxes paid on profits in the prior five years, in order to help them keep their doors open and their employees paid.
 Yesterday, I also meet with some of Nevada’s technology innovators, who gave me confidence that our state can create a new generation of leading scientists and researchers. Recovery Act funds awarded to Nevada through the Department of Education and National Science Foundation have saved or created nearly 4,000 jobs in Nevada.
Thank you for reading this update. Please visit my website for more information.
HARRY REID
United States Senator for Nevada
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