HR 4696 114th Congress House Taxation Housing finance and home ownership Income tax deductions Tax administration and collection, taxpayers

HOME Act

Introduced: March 3, 2016 See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Mar 3, 2016

Referred to the House Committee on Ways and Means.

Mar 3, 2016

Introduced in House

Ask about this bill AI · grounded in the bill text

Have a question about what this bill does? Ask in plain English; the answer is drawn from the bill's actual text and official record, and it'll tell you when something isn't in the text rather than guess.

AI answers can be imperfect; always confirm against the full bill text.

Plain-English summary Congressional Research Service

Helping Our Middle-Income Earners Act or the HOME Act

This bill amends the Internal Revenue Code to allow individual taxpayers an income-based tax deduction, up to $5,000, for qualified homeowners association assessments paid during the taxable year. The bill defines "qualified homeowners association assessments" as regularly occurring, mandatory financial assessments: (1) that are paid by a taxpayer to a homeowners association for the taxpayer's principal residence, (2) that directly benefit such residence, and (3) that arise from the taxpayer's mandatory and automatic membership in such association. The bill requires homeowners associations to file an informational return that sets forth the name, address, and taxpayer identification number of a taxpayer from whom the association receives assessments and the amount of such assessments.

What's happening now March 3, 2016

Referred to the House Committee on Ways and Means.

Bill text 1 version