[Congressional Record Volume 143, Number 30 (Tuesday, March 11, 1997)]
[Extensions of Remarks]
[Page E429]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                 THE HOMEOWNERS CAPITAL LOSS RELIEF ACT

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                            HON. RON PACKARD

                             of california

                    in the house of representatives

                        Tuesday, March 11, 1997

  Mr. PACKARD. Mr. Speaker, current tax laws discourage homeowners from 
selling their homes. By keeping them in homes they can't afford to lose 
money on, we are making it harder for families just starting out to 
purchase their first home. My bill will free up those homes for first-
time buyers. I am working to make the American dream a reality for as 
many families as possible.
  Recently, I introduced bipartisan legislation which would allow 
homeowners to deduct losses taken on the sale of their home from their 
taxes. The Homeowners Capital Loss Relief Act would enable many 
homeowners to sell their homes below the price they paid and deduct 
this loss from their taxes. I know that our families work to scrimp and 
save for their piece of the American dream. They should not be 
penalized for a depressed real estate market and a drop in the value of 
their homes.
  Mr. Speaker, this pro-homeowner provision was originally passed as 
part of the Balanced Budget Act of 1995. I was disappointed that this 
provision did not become law. Today, I am working to change that and 
provide much-needed tax relief to America's homeowners.
  This bill recognizes that owning a home is more than just an 
investment--it is an important goal for many Americans. In addition, by 
enabling more families to purchase their first home, my legislation 
will encourage more investments in our communities.
  Mr. Speaker, the American people have looked to us again and again 
for tax relief. It is time to give them the results they deserve. We 
must provide for our current and future homeowners.

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