We recently received a notice from CAI regarding the Helping Our Middle-Income Earners (HOME) Act. Please see their notice below for more information:
On March 3rd, Representatives Eshoo (D-CA) and Representative Thompson (D-CA) introduced the Helping Our Middle-Income Earners (HOME) Act, H. R. 4696. This bill allows for an income tax deduction for homeowners association assessments and fees.
Specifically, the bill would allow homeowners in community associations – condominiums, housing cooperatives and homeowners associations – who earn $115,000 or less in annual income, to deduct up to $5,000 of their association fees and assessments 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.”
This bill recognizes the financial inequity facing homeowners in a community association as they pay property taxes and community assessments but receive many municipal services from their community association not the municipality. The HOME Act would lighten the financial burden of homeowners and make homeownership more affordable and attainable for more families.
If you are interested in this bill, contact your Representative today and ask them to co-sponsor the HOME Act. You can do so through CAI’s website at this link: http://cqrcengage.com/advocacycenter/app/write-a-letter?2&engagementId=186213