CALIFORNIA LEGISLATURE—
2017–2018 REGULAR SESSION
Assembly Joint Resolution
No. 26
Introduced by Assembly Member Dababneh
|
September 01, 2017 |
Relative to federal income taxation.
LEGISLATIVE COUNSEL'S DIGEST
AJR 26, as introduced, Dababneh.
Federal income tax: deductions for mortgage interest and property taxes.
This measure would urge the Congress of the United States that the current federal income tax deductions for interest paid on debt secured by a first or 2nd home and for property taxes should not be further restricted.
Digest Key
Fiscal Committee:
NO WHEREAS, Homeownership is a fundamental American ideal, which promotes social and economic benefits beyond the benefits that accrue to the occupant of the home; and
WHEREAS, Homeownership is an important factor in promoting economic security and stability for American families; and
WHEREAS, It is proper that the policy of the federal government is, and should continue to be, to encourage homeownership; and
WHEREAS, The national homeownership rate for the first quarter of 2017 was 63.6 percent; and
WHEREAS, The housing needs of the population will change as the population ages; and
WHEREAS, The value of a home represents a valuable source of savings for a family; and
WHEREAS, The provisions related to homeownership are among the simplest and most easily administered provisions of the Internal Revenue Code of 1986; and
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 and may well be the most important component of housing-related tax policy in America today; and
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 in each of the 50 states; and
WHEREAS, The current federal income tax deduction for property taxes assists American families in building wealth and ensures that communities can continue to provide vital services; now, therefore, be it
Resolved by the Assembly and the Senate of the State of California, jointly, That the Legislature of the State of California urges the Congress of the United States that:
(a) The current federal income tax deduction for interest paid on debt secured by a first or second home should not be further restricted; and
(b) The current federal income tax deduction for property taxes should not be further restricted; and be it further
Resolved, That the Chief Clerk of the Assembly transmit copies of this resolution to the President and Vice President of the United States, to the Speaker of the House of Representatives, to the Minority Leader of the House of Representatives, to the Majority Leader of the United States Senate, to the Minority Leader of the United States Senate, and to each Senator and Representative from California in the Congress of the United States.