The announcement came in December 2010 from the National Commission on Fiscal Responsibility and Reform. The proposal was to address the federal governments shortfall by—among other things—converting the mortgage interest deduction to a 12% nonrefundable tax credit, capping the mortgage amount to $500,000, and eliminating credits for second residences and home equity.
Although the plan fell short 14 votes from the 18 member commission needed to formally recommend it to Congress, it did get 11 votes which predicts that part of the plan could make future legislations.
The MID has been a long standing incentive for homeownership and we need to fight to keep it in its present form.
Owning vs renting has been a tilted balance toward homeownership as the American Dream.
Recent surveys conducted by NAR (National Association of Realtors) and Harris Interactive proved that homeownership creates a better quality of life, a more family oriented environment and more likely to vote in local elections.
Do your part to defend homeownership by talking to your local officials and make sure they support the American Dream of Homeownership.
If this was informative and you would like to be kept up to date with this issue. Send an email to pworrell@cbpref.com and say “KEEP ME POSTED ON THE MID”
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