[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H. Con. Res. 334 Introduced in House (IH)]

111th CONGRESS
  2d Session
H. CON. RES. 334

 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 HOUSE OF REPRESENTATIVES

                           December 15, 2010

  Mr. Gary G. Miller of California submitted the following concurrent 
   resolution; which was referred to the Committee on Ways and Means

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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 national homeownership rate for the third quarter of the year 2010 
        was 66.7 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 (67 
        percent in 2009);
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
    Resolved by the House of Representatives (the Senate 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.
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