[Congressional Record Volume 153, Number 174 (Friday, November 9, 2007)]
[Extensions of Remarks]
[Page E2381]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                HOMEOWNERS EXEMPTION UPDATE ACT OF 2007

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                         HON. MARK STEVEN KIRK

                              of illinois

                    in the house of representatives

                        Friday, November 9, 2007

  Mr. KIRK. Madam Speaker, 1997 brought a presidential crisis, Slobodan 
Milosevic, and Princess Diana's death. It wasn't the greatest year, but 
it was the last time Congress managed to update the homeowners' 
exemption for the sale of a residence. It should not take more than 
five Congresses and over a decade to update the homeowner's exemption.
  Since that time, the average value of an American home is up 104 
percent. A $500,000 home in 1997 would now cost over $1 million. A 
decade later, middle-class homeowners in high-cost areas are handed a 
tax bill when they sell their homes because the home ownership 
exemption is still stuck at $250,000 for individuals and $500,000 for a 
couple.
  What does $250,000 buy for a growing family in today's market? Less 
than they need.
  It is time to update the exemption for homeowners so that they are 
not pushed into higher tax brackets because Congress failed to update 
the law. That is why I am introducing the Homeowners Exemption Update 
Act of 2007, which raises the exemption to $500,000 per individual and 
$1,000,000 per couple.
  Local leaders in Illinois are proposing more than ten new taxes of 
over $1 billion. Today, this body passed a $72 billion tax increase. 
Taxpayers deserve relief as the economy begins to slow, not a 
smattering of new taxes. My legislation eases the growing burden facing 
American families today.
  I urge my colleagues to support this legislation and stand up for 
homeowners across the country.

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