,i #aadth ,,congress #b;d ,session ,h4 ,r4 #dfif ,,in ,,the ,,house ,,of ,,representatives ,march #c1 #bjaf ,ms4 ,eshoo 7for herself and ,mr4 ,thompson of ,california7 introduced the following bill2 which was referred to the ,committee on ,ways and ,means ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to allow a deduction for homeowners association assessments4 #a4 ,short title ,this ,act may be cited as the ,helping ,our ,middle-,income ,earners ,act or the ,,home ,act4 #b4 ,deduction of homeowners association assessments 7a7 ,in general ,part ,,vii of subchapter ,b of chapter #a of the ,internal ,revenue ,code of #aihf is amended by redesignating section #bbd as section #bbe and by inserting after section #bbc the following new section3 #bbd4 ,homeowners association assessments 7a7 ,in general ,in the case of an individual1 there shall be allowed as a deduction an amount equal to the qualified homeowners association assessments paid by the taxpayer during the taxable year4 7b7 ,limitations 7#a7 ,dollar limitation ,except as provided in paragraph 7#b71 the deduction allowed by subsection 7a7 for the taxable year shall not exceed #e1jjj4 7#b7 ,limitation based on modified adjusted gross income 7,a7 ,in general ,the amount which would 7but for this paragraph7 be allowable as a deduction under this section shall be reduced 7but not below zero7 by the amount determined under subparagraph 7,b74 7,b7 ,amount of reduction ,the amount determined under this subparagraph is the amount which bears the same ratio to the amount which would be so taken into account as-- 7i7 the excess of-- 7,i7 the taxpayer's modified adjusted gross income for such taxable year1 over 7,,ii7 #ajj1jjj 7#aej1jjj in the case of a joint return71 bears to 7ii7 #ae1jjj4 7,c7 ,modified adjusted gross income ,the term modified adjusted gross income means the adjusted gross income of the taxpayer for the taxable year increased by any amount excluded from gross income under section #iaa1 #ica1 or #icc4 7,d7 ,cost-of-living adjustment 7i7 ,in general ,in the case of any taxable year beginning in a calendar year after #bjaf1 the dollar amounts under subparagraph 7,b77i77,,ii7 shall be increased by an amount equal to-- 7,i7 such dollar amount1 multiplied by 7,,ii7 the cost-of-living adjustment determined under section #a7;f77#c7 for the calendar year in which the taxable year begins1 determined by substituting calendar year #bjae for calendar year #aiib in subparagraph 7,b7 thereof4 7ii7 ,rounding ,if any amount after adjustment under clause 7i7 is not a multiple of #ejj1 such amount shall be rounded to the next lower multiple of #ejj4 7c7 ,qualified homeowners association assessments ,for purposes of this section-- 7#a7 ,in general ,the term qualified homeowners association assessments means regularly occurring1 mandatory financial assessments 7other than a special assessment7-- 7,a7 paid by a taxpayer to a homeowners association with respect to the taxpayer's principal residence 7within the meaning of section #aba71 7,b7 that directly benefit the taxpayer's principal residence1 and 7,c7 the obligation of which to pay arises from the taxpayer's mandatory and automatic membership in such homeowners association4 7#b7 ,homeowners association ,the term homeowners association has the meaning given such term in section #ebh7;c77#a7 7determined without regard to timeshare associations74 4 7b7 ,information reporting ,subpart ,b of part ,,iii of subchapter ,a of chapter #fa of such ,code is amended by adding at the end the following new section3 #fjej,x4 ,returns related to homeowners association assessments 7a7 ,in general ,any homeowners association which receives qualified homeowners association assessments from any individual during any calendar year shall make a return 7at such time and in such form and manner7 setting forth-- 7#a7 the name1 address1 and ,,tin of each such individual1 and 7#b7 the amount of qualified homeowners association assessments received from each such individual during the calendar year4 7b7 ,statements ,to be furnished to individuals with respect to whom information is required ,every person required to make a return under subsection 7a7 shall furnish to each individual whose name is required to be set forth in such return under such subsection a written statement showing-- 7#a7 the name1 address1 and phone number of the information contact of the person required to make such return1 and 7#b7 the information required by subsection 7a7 with respect to the individual4 ,the written statement required under the preceding sentence shall be furnished on or before ,january #ca of the year following the calendar year for which the return under subsection 7a7 was required to be made4 7c7 ,definitions ,for purposes of this section1 the terms homeowners association and qualified homeowners association assessments shall have the respective meanings given such terms by section #bbd4 4 7c7 ,deduction not treated as miscellaneous itemized deduction ,section #fg7;b7 of such ,code is amended by striking and at the end of paragraph 7#aa71 by striking the period at the end of paragraph 7#ab7 and inserting 1 and1 and by adding at the end the following new paragraph3 7#ac7 the deduction under section #bbd 7relating to homeowners association assessments74 4 7d7 ,clerical amendment ,the table of sections for ,part ,,vii of subchapter ,b of chapter #a of such ,code is amended by striking the item relating to section #bbd and inserting the following3 ,sec4 #bbd4 ,homeowners association assessments4 ,sec4 #bbe4 ,cross reference4 4 7e7 ,effective date ,the amendments made by this section shall apply to taxable years beginning after ,december #ca1 #bjae4