HON. RON PAUL
OF TEXAS
IN THE HOUSE OF REPRESENTATIVES
Tuesday, May 25, 2010
2010 Ron Paul 26:1
Mr. PAUL.
Madam Speaker, today I introduce
legislation to permanently extend the
first-time homebuyer tax credit and to make
the credit available to people whose homes
have been destroyed by a natural disaster,
such as a hurricane. The legislation also
makes a number of changes to existing tax
credits in order to enhance their usefulness to
victims of natural disasters. Specifically, this
bill makes the casualty loss deductions available
to taxpayers who do not itemize and it
makes the casualty loss provision available for
five years after the disaster. This legislation
also helps people who have lost their jobs because
of a natural disaster by making unemployment
payments provided under the Disaster
Relief and Emergency Assistance Act
tax free.
2010 Ron Paul 26:2
Renewing the first-time home buyerís credit
will help Americans purchase a first home with
their own money, instead of having to rely on
government-funded or backed programs. The
other sections of this legislation were inspired
by conversations my staff and I had with constituents
who had to purchase new homes because
Hurricane Ike destroyed their prior
homes. The first-time homebuyerís tax credit
could be of tremendous value to these people,
yet the law denies them the credit because
they are replacing destroyed homes. My bill
not only reinstates that first-time homebuyerís
credit, it also corrects that oversight.
2010 Ron Paul 26:3
It is hard to think of a more beneficial or
compassionate expansion of the first-time
homebuyer tax credit than to make the credit
available to those whose homes have been
destroyed or damaged by natural disasters. In
addition, the changes to the casualty loss provision
will help more taxpayers affected by
natural disasters. Repealing the taxes on unemployment
benefits provided to people affected
by natural disasters will ensure those
forced onto the unemployment rolls because
of a natural disaster are not further burdened
by having to pay taxes on their unemployment
benefits. Providing tax relief to first-time homebuyers
and to those affected by natural disasters
should be one of Congressí top priorities.
I therefore urge my colleagues to join me in
supporting this legislation.
