New Congressional Bill Would Allow IRS Deduction for HOA Dues

H.R. 4696 (HOME Act) introduced in the House of Representatives on March 3, 2016.

A new bill entitled “Helping Our Middle-Income Earners Act” (“HOME Act”) was introduced by Representative Anna G. Eshoo on March 3,2016, and has been referred to the House Committee on Ways and Means. The bill seeks to amend the Internal Revenue Code of 1986 to allow a deduction for homeowners association assessments.