On March 3, 2016, Congresswoman Anna Eshoo (D-CA) and Congressman Mike Thompson (D-CA) introduced the “Helping Our Middle-Income Earners (HOME) Act.” The purpose of the HOME Act is to lighten the financial tax burdens on middle class Americans residing in covenant controlled communities. This is done by allowing qualifying individuals to deduct association assessments and fees in order to minimize federal tax liability.
The HOME Act was originally introduced in the House and was subsequently referred to the House Committee on Ways and Means. The Committee on Ways and Means will consider the HOME Act before potentially sending it on to the House or Senate as a whole. The committee chair determines whether the HOME Act moves past the committee stage.
A Democratic Congressman and Congresswoman from California initially sponsored the HOME Act. However, recently, Representative Barbara Comstock (R-VA) has signed on to the HOME Act as the first Republican co-sponsor. As this bill is still in committee, any support, and certainly bi-partisan support, is crucial for the HOME Act to make it out of committee. Thus, Representative Comstock’s support is an important milestone towards passage of the HOME Act.
Contact your representative and urge them to co-sponsor the HOME Act!
Here is the link to the full text of the proposed bill.
When is there going to be a bill to make all of MY house related expenses tax deductible?