Congress votes for more aid to jobless, homebuyers
Congress took further steps to right the staggering economy by expanding a popular tax credit for homebuyers and extending unemployment checks for the growing legions of people running out of benefits with few job prospects. The House passed the bill on a 403-12 vote today, a day after the Senate ended a monthlong stalemate with a 98-0 vote. With some 7,000 people exhausting unemployment benefits every day and the $8,000 tax credit for first-time homebuyers set to expire at the end of November, President Barack Obama is expected to quickly sign it into law. The $24 billion package also contains tax credits aimed at struggling businesses. The IRS says some 1.4 million people applied for the homebuyers credit through August, helping enliven the moribund housing market. The legislation would extend the program through June of next year, as long as the buyer signs a contract by the end of April. It also offers a $6,500 tax credit to those who have lived in their current residence at least five years. The measure doubles the income ceiling for eligible individuals to $125,000. Homes must cost less than $800,000 to qualify.
Realtors pleased tax credit extended
Thanksgiving came a few weeks early for local realtors, who say they are pleased Congress voted today extend a tax credit for first-time homebuyers. "This will continue to be a catalyst to encourage first-time buyers," says Sandy Daly, president of the Greater Baton Rouge Association of Realtors. A report from the National Association of Realtors released last month says the tax credit led to 5,000 additional sales in Louisiana alone. Daly says she expects the extension will lead to even more sales, now that potential first time homebuyers have more time to boost their credit scores or build up a downpayment. Norman Morris, senior vice president of governmental affairs for Louisiana Realtors, says he's pleased the program is being expanded to people who are already in a house. "This will open up opportunities to purchase a first home or even a second home," he says. "People can accumulate more wealth, more equity." Morris says he's not concerned about the dangers of artificially propping up the market with tax breaks. "The housing market is not what it was eight or 10 years ago," he says. "It's time to move it in a forward direction."—Timothy Boone
Bernhard buys $6.4 million in Shaw stock
Jim Bernhard, president, CEO and chairman of the Shaw Group, has increased his stake in the company. According to a filing with the U.S. Securities and Exchange Commission, Bernhard bought 250,000 shares of Shaw stock Tuesday and Wednesday, paying between $25.39 and $26.24 per share. The moves increased his holdings in Shaw to 526,192 shares. Last week, Shaw gave Bernhard an option to buy 147,425 shares at $27.79 each. Those shares will vest in four annual installments, beginning in January 2011, and the option expires Oct. 30, 2019.
Pennington receives $6 million to study exercise, age
The Pennington Biomedical Research Center is getting about $6 million over the next two years to study whether a specific exercise program can stave off disability in older people. Pennington and seven universities each will enroll about 200 people ranging in age from 70 to 89 who cannot walk a quarter of a mile. Half will get education about healthy aging. The rest will get training in stretching, balance, leg exercises and walking. The University of Florida's Institute on Aging is in charge of the $29.5 million program. Researchers will evaluate whether it helps daily living activity and thinking, and avoids injuries from falls and of major walking disability. “It is no longer about how long you live, but how long you will live well,” says Dr. Timothy Church, lead researcher at Pennington.
Morgan City mooring company expanding, adding 320 jobs
A St. Mary Parish mooring company is moving into the Port of Morgan City and expanding its operations, a move that will create 320 new jobs over the next five to seven years. InterMoor is moving from Amelia to Morgan City and making a $17.2 million investment in a new facility. Gov. Bobby Jindal says the move will allow InterMoor to keep 250 existing jobs, while adding the new positions. "We are committed to growing companies already operating in Louisiana while continuing to aggressively pursue new business investment to increase the economic momentum of our state,” Jindal says. The new jobs at InterMoor will have an average annual salary of $60,000 plus benefits. Louisiana Economic Development projects the expansion will create 433 indirect jobs, once it is fully ramped up.
Renaissance Festival, North Gate Fest on tap for weekend
Go back in time this weekend, as the Louisiana Renaissance Festival opens Saturday in Hammond. With knights, jousters, jugglers and queens, you'll feel as if you've stepped into the pages of an Elizabethan novel. Browse the booths for cool and funky crafts, like swords and chain mail, and chow down on faire food. Watch blacksmiths and glassblowers ply their trades and join the Queen's Parade around the lake. There are ten acres of acts, activities and fun things to explore. But for a cool weekend experience closer to home, block this block party into your schedule: At 4 p.m. Friday, the annual North Gate Fest on Chimes Street kicks off. the Chimes Street Art Market—a big hit at last year's festival—will feature booths with paintings, jewelry and crafts from LSU students and local artists. From 6 to 11 p.m., the street will rock with live music from the John Madere Trio, Givers and Ashes of Babylon. Join in the "Fun Run" through campus that starts at 6 p.m., or just chill with some beer and grub from local joints like Louie's and the Chimes. For more events to make your weekend great, read 225 Select by clicking here.
Sports roundup: Columnist: Drop 'Saban Bowl' tag ... LSU-Alabama to feature future pros ... ESPN analyst says LSU tapping into Texas talent
Bigger than one coach: The LSU-Alabama football game has moved beyond just the ire that Tiger fans have about the Crimson Tide's coach, so Mark McCarter, a columnist for the Huntsville (Ala.) Times says it's time to drop the "Saban Bowl" tag. McCarter says the talk around Saturday's contest isn't about Saban, but "what it should be about: A monumental football game." For the first time in 10 years, LSU and Alabama are both ranked in the top 10 going into the game, with a trip to the SEC Championship Game—and a shot at BCS championship—on the line. "Nothing's forgotten and little is forgiven among the LSU fans, but life has moved on," McCarter says. Read the column here. The LSU-Alabama game kicks off at 2:30 p.m. Saturday at Bryant-Denny Stadium in Tuscaloosa in a game that will be televised on CBS. Alabama is a 7-point favorite, according to Las Vegas sports books.
Lots of demand for matchup: As many as 25 players in Saturday's LSU-Alabama game could be on pro football teams next season, the largest collection of talent at any college game this year, reports the Birmingham (Ala.) News. Gil Brandt, the former director of player personnel for the Dallas Cowboys told the newspaper he expects 14 Tigers will be in the pros next year, along with 11 members of the Crimson Tide. And Brandt isn't counting underclassmen. "Twenty-five is a very high number," says Brandt, who says LSU running back Charles Scott and wide receiver Brandon LaFell will be first-round picks, along with Alabama nose guard Terrence Cody. All that talent has pushed up demand for the game. The News says tickets had an average price online of $413 each. Only the LSU-Florida and USC-Notre Dame games brought in a higher price.
Stars from the Lone Star state: LSU has been successful at tapping into Texas high school football talent, even beating out major players such as Oklahoma and Texas A&M, says ESPN.com recruiting analyst J.C. Shurburtt. "The Tigers currently are the only team in the SEC with a legitimate shot at elite Texas talent. That's a serious advantage when you already are in a loaded state, like Louisiana," Shurburtt says. Several stars on the LSU roster hail from Texas, including offensive lineman Ciron Black, receivers Brandon LaFell and Terrance Toliver, and backup quarterback Russell Shepard. LSU has commitments from several of Texas' top high-school players for 2010, including wide receiver Mike Davis of Dallas and offensive lineman Evan Washington of DeSoto, Texas. LSU's 2010 recruiting class is ranked third by Rivals.com, behind Penn State and Texas, while ESPN has the Tigers sixth.
