Apr 15, 2008

The Beacon News - Foster’s first bill would help homeowners

As taxpayers scrambled to file their returns before Tuesday’s deadline, the Fox Valley’s new congressman proposed his first piece of legislation since joining the U.S. House — a bill that could benefit homeowners on next year’s taxes.

Democratic Rep. Bill Foster’s proposal would provide homeowners who do not itemize their taxes the ability to receive a 30 percent deduction of their property tax bill. Currently, nearly 40 percent of homeowners take standard deductions and do not receive property tax relief, Foster said.

“This is a simple solution to a problem facing taxpayers across the 14th District,” said Foster, who was elected to former Rep. Dennis Hastert’s House seat in a special election last month.

Foster spokesman Tom Bowen characterized the bill as a “practical” way to help people deal with rising costs of everyday items like gas and health care.

“The congressman is concerned about how people are faring in this economy,” Bowen said.

The deductions would be capped at $1,000 for single filers and $2,000 for married couples. Foster said the cost of covering those deductions could be paid for by closing a tax loophole related to money being transferred out of the country to avoid taxation.

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