House Passes Homebuyer Credit and NOL Carryback Extension

One day after Senate passage on November 4, the House, on November 5, 2009, passed the Worker, Homeownership, and Business Assistance Act of 2009 (H.R. 3548) by a vote of 403 to 12. Besides an extension of unemployment benefits, the legislation includes an extension and expansion of the homebuyer credit and an extension and expansion of the five-year carryback of net operating losses. To pay for these provisions, the legislation includes a delay in the application of worldwide allocation of interest, an increase in the penalties for failure to file partnership and S corporation returns, and an acceleration of corporate estimated tax payments. The legislation also expands the requirement for electronic filing by return preparers. The President is expected to sign the legislation as soon as it reaches his desk.