SENATE RESOLUTION No. 24

STATE OF NEW JERSEY

INTRODUCED MARCH 7, 1996

By Senators LESNIAK, Zane, Casey, Baer, Bryant, MacInnes, Adler, Lipman, Lynch, Codey, Rice, Girgenti, O'Connor, Kenny and McGreevey

A Senate Resolution memorializing the Congress of the United States to preserve deductions for home mortgage interest, property taxes and charitable contributions by rejecting any tax proposal that would eliminate these deductions.

Whereas, Recent highly publicized proposals for a so-called "flat" income tax call for the elimination of deductions this country's taxpayers have long enjoyed for home mortgage interest, property taxes and charitable contributions; and

Whereas, Home ownership and charitable giving represent fundamental American ideals which promote social and economic benefits beyond the benefits that accrue to the occupant of the home or to the contributor; and

Whereas, Home ownership is an important factor in promoting economic security and stability for American families and elimination of the home mortgage interest or property tax deductions will reduce existing property values by 15 percent or more; and

Whereas, The current federal income tax deductions for home mortgage interest and property taxes have been valuable cornerstones of this nation's housing policy for most of this century and comprise the most important component of housing-related tax policy in America today; and

Whereas, The continued deductibility of home mortgage interest and property taxes is of crucial importance to the economies of many communities; and

Whereas, Eliminating deductions for home mortgage interest and property taxes will make the cost of participating in the American dream of owning a home beyond the reach of many American families; and

Whereas, Eliminating the charitable contributions deduction will result in a decrease in contributions and financial instability among charitable organizations; and

Whereas, It is altogether fitting and proper that the policy of the federal government is, and should continue to be, to encourage home ownership and charitable contributions; now, therefore,

    Be it resolved by the Senate of the State of New Jersey:

    1. This House respectfully memorializes the Congress of the United States to reject any tax proposal that eliminates deductions for home mortgage interest, property taxes and charitable contributions.

    2. Duly authenticated copies of this resolution, signed by the Senate President and attested to by the Senate Secretary, shall be

transmitted to the Vice President of the United States, the Speaker of the House of Representatives, and each member of the Congress elected from this State.

STATEMENT

    This Senate resolution memorializes the Congress of the United States to reject any income tax proposal that eliminates deductions for home mortgage interest, property taxes and charitable contributions.

Urges Congress to reject any tax proposal that eliminates deductions for home mortgage interest, property taxes and charitable contributions.