HR0112 97TH GENERAL ASSEMBLY

HR0112 LRB097 07210 KXB 47316 r

HOUSE RESOLUTION

WHEREAS, Current federal law allows a home mortgage interest deduction for the interest paid on a taxpayers primary and secondary homes, and current proposals to reform or eliminate the mortgage interest deduction are being debated; and

WHEREAS, Deductions for mortgage interest have been part of the tax code since its inception in 1913, and eliminating the mortgage interest deduction would have a negative impact on the Illinois economy, job creation, and home ownership; and

WHEREAS, Eliminating the deduction would be harmful to current home owners and future home buyers; the mortgage interest deduction is a cornerstone of the American housing policy; and

WHEREAS, When purchasing a home, buyers often rely on the benefits of the mortgage interest deduction; without the deduction, many families would not be able to afford their homes; and

WHEREAS, Home owners do not expect to lose their mortgage interest deduction, and prospective buyers anticipate taking the deduction; changes to these "rules of the game" would have a significant impact on the market in terms of home buyer and home owner behavior; and

WHEREAS, The deduction is most valuable for younger households who tend to be recent home buyers with small amounts of home equity and growing families due to marriages and children; therefore, be it

RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE NINETY-SEVENTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we urge Congress to insure that the mortgage interest tax credit is not eliminated and that working families continue to receive this benefit to support economic growth and encourage home ownership; and be it further

RESOLVED, That suitable copies of this resolution be provided to the President of the United States, the Majority Leader and Minority Leader of the United States Senate, the Speaker and Minority Leader of the United States House of Representatives, and each member of the Illinois congressional delegation.