Back in December we wrote a post titled “The housing market needs the mortgage interest deduction and you can help“. The article’s intent was to let you know that a suggestion was made to modify or eventually repeal the mortgage interest deduction (MID), one of the most important tax incentives for home ownership for over 80 years, as a good way to help improve the country’s fiscal situation.
Since we wrote that post, we wanted to let you know that Congressman Gary Miller (R-CA) and a group of bipartisan cosponsors have introduced House Resolution 25 (HRes 25), a resolution that affirms the importance of the mortgage interest deduction and urges retention of current law. He has circulated a letter to all House members to secure additional cosponsors.
The National Association of REALTORS(R) is also working to let Congress know why the MID is important to the housing market and the overall US economy.
We’ll continue to provide more updates as we receive them.