|Posted:||June 11, 2019 11:29 AM|
|From:||Representative Martina A. White|
|To:||All House members|
|Subject:||Homeowners Association Contributions Tax Deduction|
|It is no surprise to any of us that many residents across the Commonwealth are overwhelmed with the rising financial responsibility that comes with homeownership. The legislature routinely works to assist homeowners with these rising costs, but in the near future I plan to introduce legislation that is aimed at assisting unit owners in condominiums, cooperatives, and planned communities with the costs of homeownership.
As you know, unit owners in shared communities often have additional costs associated with their ownership through dues and assessments. I plan to introduce language modeled after SB 539. If enacted, my legislation would permit homeowners to deduct 75% of the total amount they remitted to a qualifying association from their State PIT return.
Our current economic climate has placed a large burden on homeowners by adding additional or increasing financial obligations. Please join me in co-sponsoring this legislation.