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 thesedifficult 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.