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| Wilson Focused on Building Momentum for Recovery |
October 28, 2003 |
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| Washington, DC – Congresswoman Heather Wilson said today that we need to continue to give momentum to the economic recovery, including making home mortgage insurance tax deductible.
"The recovery is getting traction," Wilson said. "Now we need to ensure that the growth lasts and that it translates into new jobs."
Wilson is a co-sponsor of bipartisan legislation pending in Congress that is a component of a broader effort to encourage home ownership. The bill removes the tax burden from money paid for home mortgage insurance for homebuyers with incomes below $100,000 a year.
"The ability to deduct the cost of mortgage insurance premiums from personal income taxes makes it possible for more citizens to afford a home, while protecting the lenders," said Carol Bernstein, Broker for Real Assets Real Estate, in Albuquerque.
"Making home mortgage insurance tax-free is one more boost to home construction and real estate businesses, but more importantly it would encourage families with incomes under $100,000 to continue to reach for the American dream," Wilson said. "Buying a home is often the largest financial decision a family ever makes. Unnecessary taxes should not be an obstacle to the lifelong security that home ownership brings to a family."
Encouraging home ownership has spin-off growth benefits for homebuilders, financial institutions, realtors, furniture retailers, landscapers, movers and other businesses.
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