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Latest News: Legislative Updates

Dealer Alert: Oct. 24, 2011

Monday, October 24, 2011   (0 Comments)
Posted by: Matt Gruhn
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The Joint Select Committee on Deficit Reduction has been charged with the task of $1.5 trillion in federal government budget cuts. The committee must provide Congress with its recommendations by Thanksgiving.

With six of the twelve Members of the committee publicly advocating for increased tax revenues, MRAA has been very concerned that it may consider elimination of the primary and secondary home interest deduction or a significant restriction on whom or how Americans can take the deduction. It is reported the Committee has been considering total elimination, restrictions on income (for example, only Americans making $250,000 or less would qualify for the deduction), or establishment of a maximum dollar amount of a deduction.

The Joint Committee has now established a web site, Contact - About - Joint Select Committee on Deficit Reduction , where Americans can contact the committee directly and send comments on its work. The site provides an easy way to communicate with the Joint Committee.

MRAA asks dealers to contact the Joint Committee immediately through the website. Just click on the site provided in this Alert

A suggested message is........."Retention of the primary and secondary home mortgage interest deduction is vital to the continued and slowly recovering economic vitality of the recreational boating industry, which is just now seeing a potential bottom after significant sales declines since 2008. Our industry is now positioned to start a rehire program in retailing. Don't push us over the edge by eliminating or restricting this important tax deduction used by many Americans to buy a recreational boat as a second home. KEEP THE HOME MORTGAGE INTEREST DEDUCTION, DO NOT PLACE RESTRICTIONS ON IT,AND KEEP ITS USAGE FOR BOATS."