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- Title
FROM RENTING TO HOMEOWNERSHIP: USING TAX INCENTIVES TO ENCOURAGE HOMEOWNERSHIP AMONG RENTERS.
- Authors
Covington, Kenya; Harrell, Rodney
- Abstract
This Article proposes changes to the federal tax code that would help more renters become homeowners. Currently, the tax code provides three primary benefits to homeowners but no corresponding benefits to the roughly 33.9 million renter households in the United States. The Article analyzes the difficulties facing renters seeking to become homeowners, with a particular focus on the low homeownership rates among black Americans. The Article then explains how renters pay the costs of property taxes and mortage interest but reap none of the tax benefits received by homeowners. The Article proposes a Universal Renter-to-Homeowner tax credit that would partially compensate renters for the portion of rental fees that constitute real property taxes, while requiring that all beneficiaries of the credit complete a homeownership counseling course. The Article concludes that such a credit would not only address inequalities in the tax code but also would substantially lower down payment constraints for first-time homeowners and thus encourage homeownership.
- Subjects
TAXATION; HOMEOWNERS; HOUSEHOLDS; PROPERTY tax; INTERNAL revenue law
- Publication
Harvard Journal on Legislation, 2007, Vol 44, Issue 1, p97
- ISSN
0017-808X
- Publication type
Article