MID Under Attack Soon? Watch your email inbox.

The Mortgage Interest Deduction (MID) may be under attack again.  As the 112th Congress struggles to finalize a budget plan for this year, everything is back on the table.  House Speaker John Boehner (R-OH) recently stated that MID for second homes is becoming harder and harder to justify in these
difficult times.  So might be the MID for homes greater than $500,000.

Now is the time for REALTORS® to act!  On March 28, an all member Call for Action (CFA) will be launched.  This CFA will ask REALTORS® to contact their House Members to urge them not to touch the MID in any legislative or budget proposal.  It will also urge them to sign on to H.Res. 25 expressing
the sense of Congress that the current Federal income tax deduction on interest paid on debt secured by a first or second home should not be further restricted.

First, be on the lookout early next week for the CFA (either from your broker or from NAR).  Second, respond immediately to the CFA.  Third, spread the word and ask your colleagues to respond too.  Any House budget action will be quick.  MID is on the line.  Now is not the time to sit back and let
someone else make the decisions.

Protecting the Mortgage Interest Deduction

Resolution Protecting Mortgage Interest Deduction Introduced
California Representative Gary Miller (R-42), along with five original co-sponsors, Representatives Calvert (R-CA), Manzullo (R-IL), Meeks (D-NY), Baca (D-CA) and Hinojosa (D-TX), have introduced House Resolution 25. The resolution expresses the “sense of the Congress that the current Federal income tax deduction for interest paid on debt secured by a first or second home should not be further restricted.” Representative Miller has sent a “Dear Colleague” letter asking other Members of Congress to co-sponsor the resolution. NAR will be working with Congressman Miller’s office to seek additional co-sponsors by visiting every office in the House of Representatives to present the dear colleague letter as well as a letter from NAR requesting additional co-sponsors.

If you have questions, CONTACT Jerry Nagy at jnagy@realtors.org or 202-383-1233.