BCA Board Supports H.R. 4696, The HOME Act,
and Encourages Residents to Voice Support to Their Elected Officials
On March 22nd, Brambleton’s Board of Directors acted outside of a meeting to support the HOME Act. This bill allows for an income tax deduction for homeowners association assessments and fees.
Specifically, the bill would allow homeowners in community associations - condominiums, housing cooperatives, and homeowners associations - who earn $115,000 or less in annual income, to deduct up to $5,000 of their association fees and assessments from their federal tax liability.
The BCA Board encourages all residents to become familiar with this proposed legislation and voice their position to our elected representatives. Accordingly, residents can click on Community Associations Institute's link below to easily contact their elected representatives to voice their support:
Contact your Representative today and urge them to co-sponsor the HOME Act!
On March 3rd, Representatives Eshoo (D-CA) and Representative Thompson (D-CA) introduced the Helping Our Middle-Income Earners (HOME) Act, H. R. 4696. This bill allows for an income tax deduction for homeowners association assessments and fees.
“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.”
This bill recognizes the financial inequity facing homeowners in a community association, as they pay property taxes and community assessments but receive many municipal services from their community association - not the municipality. The HOME Act would lighten the financial burden of homeowners and make home ownership more affordable and attainable for more families.