IV

106TH CONGRESS

1ST SESSION H. CON. RES. 87

Expressing the sense of the Congress that the current Federal income tax

deduction for interest paid on debt secured by a first or second home

should not be further restricted.

IN THE HOUSE OF REPRESENTATIVES

APRIL 15, 1999

Mrs. ROUKEMA (for herself, Mr. SHOWS, Mr. BACHUS, Mr. UPTON, Mr. NEY,

Mr. CAMPBELL, Mr. WHITFIELD, Mr. WOLF, Mrs. THURMAN, Ms. DANNER, Mr. DOOLEY of California, Mr. KUYKENDALL, Mr. LEACH, Mrs.

KELLY, Mrs. MINK of Hawaii, Mr. LATOURETTE, Mr. RILEY, Mr. HALL

of Ohio, Mr. HOSTETTLER, Mr. MARTINEZ, Mr. MCHUGH, Mr. DIXON,

Mrs. MORELLA, Mr. FILNER, Mr. BENTSEN, Mr. BEREUTER, Mr. GARY

MILLER of California, Mr. LOBIONDO, Mr. TANNER, Mr. ROHRABACHER,

Mr. GILLMOR, Mr. NADLER, Mrs. EMERSON, Mr. HERGER, Mr. BARRETT

of Wisconsin, Mr. SMITH of Washington, Mr. WELLER, Mr. PAUL, Mr.

SHERMAN, Mr. BLUMENAUER, Mr. ROTHMAN, Mr. WALSH, Mr. BARRETT of Nebraska, Mr. GORDON, Mr. PASTOR, Mrs. CAPPS, Mr. BERMAN, Ms. KAPTUR, Mr. OSE, Mr. HILL of Indiana, Mr. BONIOR, Mr.

FARR of California, Mr. LUCAS of Kentucky, Ms. BERKLEY, Mr. SNYDER, Mr. PRICE of North Carolina, Mr. CLYBURN, Mr. NEAL of Massachusetts, Mr. MCCOLLUM, Mr. SHAYS, and Mr. DIAZ-BALART) submitted

the following concurrent resolution; which was referred to the Committee

on Ways and Means

CONCURRENT RESOLUTION

Expressing the sense of the Congress that the current Federal income tax deduction for interest paid on debt secured by a first or second home should not be further

restricted.
2

•HCON 87 IH

Whereas homeownership is a fundamental American ideal,

which promotes social and economic benefits beyond the

benefits that accrue to the occupant of the home;

Whereas homeownership is an important factor in promoting

economic security and stability for American families;

Whereas it is proper that the policy of the Federal Government is and should continue to be to encourage homeownership;

Whereas the rate of homeownership grew from 64.7 percent

of households in 1995 to 67 percent in 1998;

Whereas the housing needs of the population will change as

the population ages;

Whereas the greatest growth sectors in homeownership are

minorities and first-time homebuyers;

Whereas the level of homeownership among foreign-born naturalized citizens who have been in the United States for

at least 6 years is the same as the level of homeownership of the nation as a whole (67 percent in 1998);

Whereas the value of a home represents a valuable source of

savings for a family;

Whereas the provisions related to homeownership are among

the simplest and most easily administered provisions of

the Internal Revenue Code of 1986;

Whereas the current Federal income tax deduction for interest paid on debt secured by a first home has been a valuable cornerstone of this Nation’s housing policy for most

of this century and may well be the most important component of housing-related tax policy in America today;

and
3

•HCON 87 IH

Whereas the current Federal income tax deduction for interest paid on debt secured by second homes is of crucial

importance to the economies of many communities in

each of the 50 States: Now, therefore, be it

1 Resolved by the House of Representatives (the Senate

2 concurring), That it is the sense of the Congress that the

3 current Federal income tax deduction for interest paid on

4 debt secured by a first or second home should not be fur5 ther restricted.

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