[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 557 Introduced in House (IH)]

112th CONGRESS
  2d Session
H. RES. 557

 Expressing the sense of the House of Representatives that the current 
  property tax deduction on private residences should not be further 
                              restricted.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 17, 2012

Mr. Pascrell submitted the following resolution; which was referred to 
                    the Committee on Ways and Means

_______________________________________________________________________

                               RESOLUTION


 
 Expressing the sense of the House of Representatives that the current 
  property tax deduction on private residences should not be further 
                              restricted.

Whereas the economic crisis led States' revenue to decrease, reaching the height 
        of an 11.7 percent decrease in the first quarter of 2009, which was the 
        largest decrease since 1946;
Whereas due to decreased State revenue, States decreased spending in all major 
        areas of State services, including health care, services to the elderly 
        and disabled, K-12 education, and other areas;
Whereas the need for these services did not decline, and, in fact, demand for 
        these services rose as the number of families facing economic 
        difficulties increased;
Whereas due to elevated unemployment rates, revenues are likely to remain at or 
        near their current depressed levels;
Whereas State and local education funding accounts for approximately 93 percent 
        of education expenditures, with nearly half of all property tax revenue 
        used for public elementary and secondary education;
Whereas the median property taxes paid across the United States increased by 29 
        percent from 2004 to 2009;
Whereas median home value only increased 22 percent from 2004 to 2009, including 
        the period where median home values decreased by 6 percent during the 
        economic downturn that started in 2008;
Whereas median income of homeowners only increased 13 percent from 2004 to 2009;
Whereas the provisions related to homeownership are among the simplest and most 
        easily administered provisions of the Internal Revenue Code of 1986;
Whereas the aggregated residential property taxes paid in 2010 were $202.8 
        billion, of which the median property taxes paid were $2,043;
Whereas the $172.1 billion of United States property taxes were deducted by 40.7 
        million taxpayers in 2009;
Whereas the United States taxpayers average deduction among those deducting 
        property taxes was $4,231 in 2009; and
Whereas the current property tax deduction is of crucial importance to the 
        economies of many communities and provides a valuable relief to areas of 
        need, and the elimination or reduction of the property tax deduction 
        would constitute a tax increase on United States homeowners: Now, 
        therefore, be it
    Resolved, That it is the sense of the House of Representatives that 
the current property tax deduction on Federal income tax returns should 
not be further restricted.
                                 <all>