New Legislation has been proposed in the House of Representatives that would potentially allow a credit to homeowners that live in a qualified homeowners association. Community Association Institute is lobbying strongly for this bill and it is currently in the Ways and Means Committee.
A qualified homeowners association must have mandatory membership, principal residences, and regular assessments. The services provided by a homeowners association are also similar to a small municipality. Local taxes would qualify for a tax deduction but currently homeowner fees do not.
As most of the homeowners association have a mixed use principal to secondary residents, the bill as written maybe extremely limited in its application.
For more information about the Home Act click here.
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