[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 117 Introduced in Senate (IS)]







104th CONGRESS
  1st Session
S. RES. 117

Expressing the sense of the Senate that the current Federal income tax 
 deduction for interest paid on debt secured by a first or second home 
     located in the United States should not be further restricted.


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                   IN THE SENATE OF THE UNITED STATES

                  May 9 (legislative day, May 1), 1995

  Mr. Roth (for himself, Mr. Baucus, Mr. D'Amato, and Mr. Kempthorne) 
submitted the following resolution; which was referred to the Committee 
                               on Finance

_______________________________________________________________________

                               RESOLUTION


 
Expressing the sense of the Senate that the current Federal income tax 
 deduction for interest paid on debt secured by a first or second home 
     located in the United States should not be further restricted.
Whereas homeownership is an important factor in promoting economic security and 
        stability for American families;
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 promotes and stabilizes neighborhoods and communities;
Whereas it is proper that the policy of the Federal Government is and should 
        continue to be to encourage homeownership;
Whereas the increase in the cost of housing over the last 10 years has been 
        greater than the increase in family income;
Whereas for the first time in 50 years, the percentage of people in the United 
        States owning their own homes has declined;
Whereas the percentage of people in the United States between the ages of 25 and 
        29 who own their own homes has declined from 43 percent in 1976 to 38 
        percent today;
Whereas the current Federal income tax deduction for interest paid on debt 
        secured by first homes located in the United States 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;
Whereas the current Federal income tax deduction for interest paid on debt 
        secured by second homes located in the United States is of crucial 
        importance to the economies of many communities; and
Whereas the Federal income tax deduction for interest paid on debt secured by a 
        first or second home has been limited twice in the last 6 years, and was 
        further eroded as a result of the Omnibus Budget Reconciliation Act of 
        1990: Now, therefore, be it
    Resolved, That it is the sense of the Senate that the current 
Federal income tax deduction for interest paid on debt secured by a 
first or second home located in the United States should not be further 
restricted.
                                 <all>