The mortgage interest deduction has long been an important part of the American tax system, and now many lawmakers on Capitol Hill are making their voices heard in defense of this valuable incentive for home ownership.
According to Rep. Ruben Hinojosa, D-Texas, it would be foolhardy to tamper with the popular tax benefit now. Hinojosa is a senior member of the House Financial Services Committee and an original sponsor of a House resolution (H. Res. 25) to preserve the MID in its current form. The resolution was introduced in early January and has just under 40 cosponsors. Hinojosa told participants at a recent forum sponsored by the Hudson Institute that he expected “many more to sign on” after lawmakers return to Congresss next week.
Far-reaching implications… The Obama administration released its fiscal year 2012 budget request to Congress with a proposal to cap the value of all itemized deductions, including MID, for higher income households, which could put downward pressure on home prices. For more information on the MID, visit www.nar.realtor/government_affairs/mortgage_interest_deduction/more_on_t...