Two House members from California, Anna G. Eschoo and Mike Thompson, have introduced a bill that would make up to $5,000 in homeowner, community or other residential ownership fees deductible from federal taxes for people with household incomes below $115,000. The bill, however, lacking a companion measure in the Senate, has a long process ahead if it is to gain passage.
The Community Associations Institute (CAI) says the legislation will benefit many of the more than 66 million Americans who live in homeowners associations, condominium communities, cooperatives and other planned communities.
The bill—Helping our Middle-Income Earners (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."