Construction News

In the State Duma a bill which proposed to give the right of families with two or more children receive a deduction for property re-acquisition of housing, including during the second mortgage loan. Information can be found in the electronic database of documents of the lower chamber of parliament.

Corresponding changes in Article 212 and 220 of the Tax Code (TC) of the Russian Federation proposes that a committee member on the financial market, the president of the Association of Regional Banks of Russia (Association “Russia”), Anatoly Aksakov.

The explanatory note to the document notes that since 2004 Russia has been actively developing mortgage lending. Young families with two or three people took out loans on one-, two-bedroom apartments. “By 2007, these families, thanks to government programs designed to increase the birth rate, increased to four or five people in family, in connection with which they face the need to improve their living conditions and purchasing apartments larger area. For these purposes, they are selling their one-, two-bedroom apartments and take a new mortgage loans, “- said in a note.

However, in accordance with the present wording of NC these families are not entitled to deduct the property, as used in obtaining its first mortgage. “It should be noted that the deduction on the first mortgage and the second, as a rule, not comparable, and tax burdens are often a serious blow to the family budget of large families,” – says the author of the amendments.

In this regard, the author proposes to make an exception for families with two or more children. In the paper notes that the acquired property must be the only shelter. “Thus, the document provides protection against investment fraud and is a guarantee that the rule will not be used for profit”, – says the MP.