[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[S. Con. Res. 26 Introduced in Senate (IS)]







106th CONGRESS
  1st Session
S. CON. RES. 26

 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 SENATE OF THE UNITED STATES

                             April 15, 1999

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

_______________________________________________________________________

                         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 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;
Whereas the current Federal income tax deduction for interest paid on debt 
        secured by second homes is of crucial importance to the economies of 
        communities in each of the 50 States: Now, therefore, be it
    Resolved by the Senate (the House of Representatives concurring), 
That it is the sense of Congress that the 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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