Lawmakers say mortgage interest deduction to stay

There likely won't be changes to the mortgage interest tax deduction.With the federal income tax deadline fast approaching, many people's minds are on their 1040s. Thursday, a pair of lawmakers said that homeowners' mortgage interest tax deduction won't be eliminated in any budget proposal, which should be a relief for those with Houston homes.Speaking before a House subcommittee meeting today, HousingWire reports Massachusetts Representative Barney Frank said the deduction would remain. While he said it may not be “ideal tax policy,” it would be unfair to homeowners and buyers at this stage.”The mortgage interest deduction is going nowhere,” Frank said. “The sun will go away before it does.”Frank added that he didn't think there were enough votes in the House to eliminate it. The source says Frank's comments were later echoed in the meeting by New York Representative Michael Grimm, who also said the deduction wouldn't be altered.The deduction has become a source of controversy in some circles, since it costs the federal government billions of dollars each year. Last year, a special budget panel recommended some alterations that would restrict the deduction for high-value homes. The National Association of Realtors says about 75 percent of homeowners take advantage of the deduction to some degree.Courtesy of 2M Realty News?

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