2001 SESSION

01-0071

09/01

HOUSE CONCURRENT RESOLUTION 7

ANALYSIS

This bill urges the federal government to allow a deduction for personal credit card interest from the federal income tax.

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01-0071

09/01

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand One

Whereas, prior to the Tax Reform Act of 1986, personal credit card interest was fully deductible from the federal income tax; and

Whereas, the Tax Reform Act of 1986, over a period of 5 years, eliminated the deduction for personal credit card interest entirely; and

Whereas, due to the ready availability of credit cards today to people of modest incomes, many persons incur large amounts of debt through credit card use; and

Whereas, a deduction from the federal income tax for personal credit card interest would aid such persons in decreasing their debt; now, therefore, be it

Resolved by the House of Representatives, the Senate concurring:

That the New Hampshire general court urges the federal government to allow persons to deduct personal credit card interest from their federal income taxes, and

That copies of this resolution, signed by the speaker of the house of representatives and the senate president, be transmitted by the house clerk to the President of the United States, the Vice-President of the United States, the Speaker of the House of Representatives, and each member of the New Hampshire congressional delegation.