[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H. Con. Res. 272 Introduced in House (IH)]







109th CONGRESS
  1st Session
H. CON. RES. 272

 Expressing support for the current standards of the Federal mortgage 
                        interest tax deduction.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 20, 2005

    Mr. Wexler (for himself and Ms. Harris) submitted the following 
concurrent resolution; which was referred to the Committee on Ways and 
                                 Means

_______________________________________________________________________

                         CONCURRENT RESOLUTION


 
 Expressing support for the current standards of the Federal mortgage 
                        interest tax deduction.

Whereas the President's Advisory Panel on Federal Tax Reform released its 
        initial recommendations to revise the Internal Revenue Code of 1986 on 
        October 11, 2005;
Whereas the Panel's initial recommendations included a proposed reduction from 
        the current $1,000,000 cap on mortgage values to the Federal Housing 
        Authority loan limitation, which is estimated at a $300,000 cap on 
        mortgage values eligible for tax deductions for interest paid on such 
        mortgages;
Whereas average home prices in many housing markets across the Nation far exceed 
        the suggested mortgage value cap of $300,000;
Whereas home equity is a significant source of economic stability and wealth 
        accumulation for Americans of all socio-economic classes;
Whereas the Panel's initial recommendation to reduce the current cap on mortgage 
        values eligible for tax deductions on interest will result in a 
        substantial tax increase for middle-income families and serve as a 
        disincentive to pursue the longstanding tradition of homeownership, 
        which is the cornerstone of the American dream and a pillar of United 
        States housing policy; and
Whereas Executive Order 13369, which created the President's Advisory Panel on 
        Federal Tax Reform, states that the panel should recognize ``the 
        importance of homeownership and charity in American society'': Now, 
        therefore, be it
    Resolved by the House of Representatives (the Senate concurring), 
That the Congress--
            (1) supports the current standards of the mortgage interest 
        tax deduction, as outlined in section 163 of the Internal 
        Revenue Code of 1986; and
            (2) opposes the initial recommendation of the President's 
        Advisory Panel on Federal Tax Reform to reduce the $1,000,000 
        limit on mortgage values eligible for deductions for interest 
        paid on such mortgages.
                                 <all>