[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[S. Con. Res. 18 Introduced in Senate (IS)]







106th CONGRESS
  1st Session
S. CON. RES. 18

 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.


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                   IN THE SENATE OF THE UNITED STATES

                             March 17, 1999

 Mr. Ashcroft submitted the following concurrent resolution; which was 
                  referred to the Committee on Finance

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                         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 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 home 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 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;
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;
Whereas the continued deductibility of interest paid on debt secured by a first 
        or second home has particular importance in promoting other desirable 
        social goals, such as education of young people; 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 by the Senate (the House of Representatives concurring), 
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.
                                 <all>