Title: 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 and for property taxes should not be further restricted.
Policy area: Taxation

Summary:
Expresses the sense of Congress that the federal income tax deductions for interest paid on debt secured by a first or second home and for property taxes should not be further restricted.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H. Con. Res. 76 Introduced in House (IH)]

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115th CONGRESS
  1st Session
H. CON. RES. 76

 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 and for property taxes should not be further restricted.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 28, 2017

   Mr. Sherman (for himself, Mr. Meeks, Ms. Barragan, Ms. Titus, Mr. 
  Swalwell of California, Ms. Shea-Porter, Mr. King of New York, Mr. 
    Cook, Ms. Jackson Lee, and Mr. Donovan) 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 and for property taxes should not be further restricted.

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 national homeownership rate for the first quarter of the year 2017 
        was 63.6 percent;
Whereas the housing needs of the population will change as the population ages;
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 and may well be the most important component of housing-
        related tax policy in America today;
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; and
Whereas the current Federal income tax deduction for property taxes assists 
        American families in building wealth and ensures that communities can 
        continue to provide vital services: Now, therefore, be it
    Resolved by the House of Representatives (the Senate concurring), 
That it is the sense of the Congress that--
            (1) the current Federal income tax deduction for interest 
        paid on debt secured by a first or second home should not be 
        further restricted; and
            (2) the current Federal income tax deduction for property 
        taxes should not be further restricted.
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