[Congressional Record (Bound Edition), Volume 145 (1999), Part 4]
[Senate]
[Page 4814]
[From the U.S. Government Publishing Office, www.gpo.gov]




SENATE CONCURRENT RESOLUTION 18--EXPRESSING THE SENSE OF 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

  Mr. ASHCROFT submitted the following concurrent resolution; which was 
referred to the Committee on Finance:

                            S. Con. Res. 18

       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 increase in the cost of housing over the last 
     10 years has been greater than the increase in family income;
       Whereas, for the first time in 50 years, the percentage of 
     people in the United States owning their own homes has 
     declined;
       Whereas the percentage of people in the United States 
     between the ages of 25 and 29 who own their own home has 
     declined from 43 percent in 1976 to 38 percent today;
       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;
       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;
       Whereas the continued deductibility of interest paid on 
     debt secured by a first or second home has particular 
     importance in promoting other desirable social goals, such as 
     education of young people; and
       Whereas the Federal income tax deduction for interest paid 
     on debt secured by a first or second home has been limited 
     twice in the last 6 years, and was further eroded as a result 
     of the Omnibus Budget Reconciliation Act of 1990: Now, 
     therefore, be it
       Resolved by the Senate (the House of Representatives 
     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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