The following article was forwarded by Attorney Charlie Perkins:
Thanks to the efforts of the Brambleton Community Association in Northern Virginia and their community manager, Rick Stone, AMS, LSM, PCAM, Representative Barbara Comstock (R-VA) has signed on to The Helping Our Middle-Income Earners (HOME) Act as the first Republican co-sponsor, making the bill bi-partisan. Rep. Comstock will help further our efforts by sending a ‘Dear Colleague’ letter to her fellow House Republicans asking for their support by co-sponsoring the HOME Act.
While this is a step in the right direction, we still need your help. Hearing from constituents helps legislators to decide which bills to support. Click here to contact your Representative today and urge them to co-sponsor the HOME Act.
The HOME Act, H. R. 4696, introduced by Representatives Eshoo (D-CA) and Thompson (D-CA), allows for an income tax deduction for homeowners association assessments and fees. Specifically, the bill provides for 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 paybut 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.