Lance Amendment Could Benefit More Than 170,000 NJ Households

WASHINGTON – Rep. Leonard Lance (NJ-07) today will ask a key congressional committee to allow a vote on the floor of the House of Representatives to protect the mortgage interest tax deduction for more than 170,000 New Jersey tax filers.

This week, the House of Representatives is slated to debate and vote on President Barack Obama’s fiscal year 2010 budget. Among its many provisions, the Obama budget proposes to reduce the mortgage deduction from 35 percent to 28 percent on those households making more than $250,000. The Lance amendment seeks to protect the current mortgage deduction.

Lance said the President’s budget as currently written unfairly targets tens of thousands of Seventh Congressional District homeowners who already face one of the highest costs of living in the nation – especially through skyrocketing income and property taxes.

“My constituents are not ‘super rich.’ They are hard-working, middle-class families facing some of the highest taxes in the country,” said Lance. “The mortgage tax deduction allows New Jersey’s homeowners to keep more of what they earn. It makes absolutely no sense to propose raising taxes on home owners and home buyers at a time of economic crisis.”

According to the National Association of Realtors, more than 173,000 New Jersey tax filers earn enough to be adversely affected by the proposed cut — the fifth highest total in the nation.

NJ Association of Realtors (NJAR) President Diane Dilzell supported Congressman Lance's efforts.

“In a costly state like New Jersey, limiting the amount of mortgage interest a family can deduct from their taxes will have a significant negative impact on housing recovery efforts and limit many people’s ability to enter the housing market,” said Dilzell who is a broker-associate/manager at Pinnacle, REALTORS® of Bedminster. "We greatly appreciate Congressman Lance's efforts on behalf of New Jersey’s Realtors and homeowners." 

Lance will offer his measure today before the House Rules Committee. The Rules Committee is responsible for governing the rules of debate on the floor of the Congress.

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