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.

Bill: 113-hconres-4
Sponsor: full_name: Rep. Miller, Gary G. [R-CA-42]
Introduced: 2013-01-03
Policy area: Taxation
Subjects: Housing finance and home ownership

Income tax deductions

Interest, dividends, interest rates
Latest action: action_date: 2013-01-03
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2013-01-03
action_desc: Introduced in House
text: <p>Expresses the sense of Congress that the current federal income tax deduction for mortgage interest paid on a first or second home should not be further restricted.</p>

tv_txt: IV 113th CONGRESS 1st Session H. CON. RES. 4 IN THE HOUSE OF REPRESENTATIVES January 3, 2013 Mr. Gary G. Miller of California (for himself and Mr. Sherman ) 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.

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 third quarter of the year 2012 was 65.3 percent; 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 is the same as the level of homeownership of the Nation as a whole (66 percent in 2011); 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 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

That it is 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.