Text: H.R.4562 — 111th Congress (2009-2010)All Information (Except Text)

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Introduced in House (02/02/2010)


111th CONGRESS
2d Session
H. R. 4562


To amend the Internal Revenue Code of 1986 to allow a temporary deduction for interest on unsecured credit card debt.


IN THE HOUSE OF REPRESENTATIVES

February 2, 2010

Mr. Lewis of Georgia introduced the following bill; which was referred to the Committee on Ways and Means


A BILL

To amend the Internal Revenue Code of 1986 to allow a temporary deduction for interest on unsecured credit card debt.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Cash Back Reward Act of 2010”.

SEC. 2. Temporary deduction for interest on unsecured credit card debt.

(a) In general.—Paragraph (2) of section 163(h) of the Internal Revenue Code of 1986 (relating to disallowance of deduction for personal interest) is amended by striking “and” at the end of subparagraph (E), by striking the period at the end of subparagraph (F) and inserting “, and”, and by adding at the end the following new subparagraph:

“(G) any interest—

“(i) which is paid by an individual on unsecured credit card debt of the individual during taxable years beginning after December 31, 2009, and before January 1, 2011, and

“(ii) which is not otherwise allowable as a deduction under this chapter.”.

(b) Limitation.—Paragraph (4) of section 163(h) of such Code is amended by adding at the end the following new subparagraph:

“(G) DOLLAR LIMITATION ON UNSECURED CREDIT CARD DEBT.—The amount of interest which may be taken into account under paragraph (2)(G) shall not exceed $5,000 ($10,000 in the case of a joint return) for any taxable year.”.

(c) Effective date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2009.