SYNOPSIS: Mortgage deduction application. Provides that a sales disclosure form properly filed by the purchaser of a residence constitutes an application for the mortgage deduction.
SUPPORT: While most libertarians advocate the complete repeal of property taxes, we must accept that for the time being that will be a prolonged legislative battle. In the short term, we should all agree that streamlining paperwork and eliminating bureaucracy should be well-received.
In this legislation, freshman Rep. Barnes proposes streamlining the application for the mortgage deduction by allowing the sales disclosure form to serve that purpose. Anyone who has purchased a property and tried to manage through the filing paperwork and government office hours appreciates removing a level of hassle.
STATUS: Authored by Rep. Barnes, referred to Committee on Government and Regulatory Reform.