IV 112th CONGRESS 2d Session H. RES. 557 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

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.