introduced a bill that would give first-time homeowners a one-time tax deduction.Assembly Bill 198 (Patterson) will allow first time homeowners to deduct several of the “closing costs”—usually 2-3 percent of the final loan amount – on their taxes.
“Buying a home was a lot easier and less expensive for my wife Sharon and me than it was for our kids,” Assemblyman Patterson said. “The cost of living in our state is now pricing the middle class out of the dream of homeownership. This deduction will help California families get into their first home to start building equity.”
Taxes, fees and the lack of new housing has driven up the average cost of buying a home in California to$459,000, more than double the national average. The SF Chronicle reports that the affordable housing crisis has even spread to the middle class, those making between $35,000 and $75,000.
Assemblyman Patterson (R-Fresno) represents the 23rd Assembly District in the California Legislature, which includes communities in Fresno and Tulare County.
Source: Assemblyman Jim Patterson
