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1
HOUSE RESOLUTION

 
2    WHEREAS, Current federal law allows a home mortgage
3interest deduction for the interest paid on a taxpayers primary
4and secondary homes, and current proposals to reform or
5eliminate the mortgage interest deduction are being debated;
6and
 
7    WHEREAS, Deductions for mortgage interest have been part of
8the tax code since its inception in 1913, and eliminating the
9mortgage interest deduction would have a negative impact on the
10Illinois economy, job creation, and home ownership; and
 
11    WHEREAS, Eliminating the deduction would be harmful to
12current home owners and future home buyers; the mortgage
13interest deduction is a cornerstone of the American housing
14policy; and
 
15    WHEREAS, When purchasing a home, buyers often rely on the
16benefits of the mortgage interest deduction; without the
17deduction, many families would not be able to afford their
18homes; and
 
19    WHEREAS, Home owners do not expect to lose their mortgage
20interest deduction, and prospective buyers anticipate taking
21the deduction; changes to these "rules of the game" would have

 

 

HR0112- 2 -LRB097 07210 KXB 47316 r

1a significant impact on the market in terms of home buyer and
2home owner behavior; and
 
3    WHEREAS, The deduction is most valuable for younger
4households who tend to be recent home buyers with small amounts
5of home equity and growing families due to marriages and
6children; therefore, be it
 
7    RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE
8NINETY-SEVENTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that
9we urge Congress to insure that the mortgage interest tax
10credit is not eliminated and that working families continue to
11receive this benefit to support economic growth and encourage
12home ownership; and be it further
 
13    RESOLVED, That suitable copies of this resolution be
14provided to the President of the United States, the Majority
15Leader and Minority Leader of the United States Senate, the
16Speaker and Minority Leader of the United States House of
17Representatives, and each member of the Illinois congressional
18delegation.