Eshoo, Thompson Introduce Bill to Bring Tax Relief to Middle Class Homeowners
March 3rd, 2016
WASHINGTON, D.C.—U.S. Representatives Anna G. Eshoo (CA-18) and Mike Thompson (CA-5) introduced today the Helping Our Middle-Income Earners (HOME) Act, which would allow homeowners making up to $115,000 in annual income to deduct up to $5,000 in community association fees from their federal tax liability.
“The HOME Act recognizes that millions of middle class homeowners are struggling to keep up with rising household expenses like child care, college tuition, health care, mortgage and community assessments,” Eshoo said. “The Home Act can go a long way by providing relief from this tax burden on millions of middle class families.”
“Congress needs to do all that it can to reduce barriers to homeownership for hard-working middle class families,” said Thompson. “By helping to alleviate the cost of community association fees, this legislation is an important step.”
Community associations, which include condominium associations, homeowner associations, and housing cooperatives, have grown substantially in recent decades and offer affordable housing opportunities in countless communities across the United States. Today, more than 65 million Americans reside in 26 million housing units belonging to a community association.
In California, over 8.6 million residents live in community associations, including more than 1.5 million persons over the age of 55. It’s estimated that nearly half of all housing built in the Bay Area over the last decade was part of a community association.
|San Mateo County
||Santa Clara County
||Santa Cruz County
|Total number of Community Associations (CA): 1,001
Total number of CA units: 79,000
|Total number of CAs: 2,371
Total number of CA units: 162,000
|Total number of CAs: 584
Total number of CA units: 22,000
The text of the HOME Act can be found here.
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