Expressing support for the current standards of the Federal mortgage interest tax deduction.
The source supplies the latest action, but no lifecycle stage.
Latest action (20 May 2009): Referred to the House Committee on Ways and Means.
What this bill does
H.Con.Res. 130 is a proposed resolution in the House of Representatives expressing support for the existing federal mortgage interest tax deduction standards. Specifically, it opposes a recommendation made in President Obama's fiscal year 2010 budget. This recommendation proposed reducing the deduction from the current rate to 28% for households taxed at the 33% and 35% income tax rates.
The resolution states that households currently paying income taxes at the 33% and 35% rates can claim deductions at those same rates. It suggests that if the proposed change were enacted, a taxpayer paying $1,000 in mortgage interest would see their tax relief decrease from $350 to $280. The resolution also argues that this change could result in a tax increase for some families and discourage homeownership.
This measure was introduced in the House of Representatives on May 20, 2009, by Representative Leonard Lance and was referred to the Committee on Ways and Means. As a concurrent resolution, if passed by both the House and the Senate, it would represent the sense of Congress.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
Supports the current standards of the mortgage interest tax deduction, as outlined in section 163 of the Internal Revenue Code and opposes President Barack Obama's recommendation to reduce the current mortgage interest deduction from 33% to 28 % for households paying income taxes at 33% and 35% rates.
Timeline
20 May 2009
Referred to the House Committee on Ways and Means.
Common questions
- What does H.Con.Res. 130 do?
- H.Con.Res. 130 is a proposed resolution in the House of Representatives expressing support for the existing federal mortgage interest tax deduction standards. Specifically, it opposes a recommendation made in President Obama's fiscal year 2010 budget. This recommendation proposed reducing the deduction from the current rate to 28% for households taxed at the 33% and 35% income tax rates. The resolution states that households currently paying income taxes at the 33% and 35% rates can claim deductions at those same rates. It suggests that if the proposed change were enacted, a taxpayer paying $1,000 in mortgage interest would see their tax relief decrease from $350 to $280. The resolution also argues that this change could result in a tax increase for some families and discourage homeownership. This measure was introduced in the House of Representatives on May 20, 2009, by Representative Leonard Lance and was referred to the Committee on Ways and Means. As a concurrent resolution, if passed by both the House and the Senate, it would represent the sense of Congress.
- Has H.Con.Res. 130 become law?
- The source does not supply a confirmed lifecycle stage for H.Con.Res. 130. Check the latest action and official source below.
- Who sponsored H.Con.Res. 130?
- H.Con.Res. 130 was sponsored by Rep. Lance, Leonard [R-NJ-7] (R-NJ), with 18 cosponsors.
- What's the latest action on H.Con.Res. 130?
- Referred to the House Committee on Ways and Means. (20 May 2009).
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