Bill Introduced to Allow Income Tax Deduction for HOA Assessments
On March 3rd, U.S. Representatives Anna G. Eshoo (D-CA) and Mike Thompson (D-CA) introduced the Helping Our Middle-Income Earners (HOME) Act, H.R. 4696. If passed, this Act would amend the Internal Revenue Code to allow homeowners earning $115,000 or less in annual income to deduct up to $5,000 of their homeowner association assessments.
“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.”