Washington, DC – December 8, 2009 – (RealEstateRama) — Congressman Baron Hill has successfully ensured that his property tax relief language included in the Housing Assistance Tax Act of 2008 will be incorporated into the Tax Extenders Act of 2009, H.R. 4213. The bill, which is scheduled for a vote tomorrow, would extend Hill’s property tax relief for another year.
Last year, Hill’s property tax provision included in the final version of the Housing Assistance Tax Act provided for an additional standard deduction of up to $500 ($1,000 for joint filers), on top of the basic standard deduction, for state, local and real property taxes. H.R. 4213 seeks to extend this deduction for another year. The Tax Extenders Act of 2009 is completely paid for and adheres to PAYGO rules.
Millions of homeowners are facing soaring property tax bills and declining home values. The tax code compounds this problem by excluding nearly 30 million middle-class homeowners who don’t itemize their tax returns from being able to deduct their property taxes. This specific provision in the larger legislation will allow all homeowners to take a deduction for their property taxes.
“I know many of my constituents are in need of tax relief, and in particular, some relief on their property taxes,” Hill said. “I’m very pleased that this property tax provision is included in the Tax Extenders Act. It is crucial that we continue to provide Americans the tools they need as our country works its way through these difficult economic times.”
Katie Moreau PHONE (202) 225-5315