With Tax Day, April 15 – correction: April 18 (that’s right, you get 3 extra days this year!) quickly approaching, many people have income taxes on their minds. What would it mean to your family if you could deduct up to $5,000 of your community association assessments? Could it be the difference between receiving a refund or having to pay? Could it help you replace an old appliance? Send the kids to summer camp? Maybe even help you save enough to finally take a vacation?
The Helping Our Middle-Income Earners (HOME) Act, H.R. 4696, would do just that, allow homeowners within community associations who earn $115,000 or less annually to deduct up to $5,000 of their community association assessments. A $5,000 deduction would help out a lot of homeowners, especially those on a fixed income. Although you won’t be able to take advantage of the HOME Act for your tax filing this April 18, you can help to make the HOME Act’s tax deduction a reality for future filings. Ask your representative to support the HOME Act by becoming a co-sponsor. Hearing from constituents helps legislators decide which bills to support. Click here to contact your Representative today and urge them to co-sponsor the HOME Act.
Introduced by Representatives Eshoo (D-CA) and Thompson (D-CA), the HOME Act benefits middle income taxpayers by alleviating the financial stress of having to pay both property taxes and community association assessments. Representative Barbara Comstock (D-VA) recognizes these benefits and has signed on as the first Republican co-sponsor of the HOME Act and will help further CAI’s 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 l need your help to continue to gain support. Click here to contact your Representative today and urge them to co-sponsor the HOME Act.
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