H.R.6677 - Common Sense Housing Investment Act of 2012112th Congress (2011-2012)
|Sponsor:||Rep. Ellison, Keith [D-MN-5] (Introduced 12/18/2012)|
|Committees:||House - Ways and Means; Financial Services|
|Latest Action:||12/18/2012 Referred to House Financial Services (All Actions)|
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Summary: H.R.6677 — 112th Congress (2011-2012)All Information (Except Text)
Introduced in House (12/18/2012)
Common Sense Housing Investment Act of 2012 - Amends the Internal Revenue Code, with respect to the tax deduction for mortgage interest, to: (1) allow, in lieu of such deduction, a tax credit for 20% of mortgage interest paid in a taxable year for the taxpayer's principal residence and one other residence; (2) provide for a phaseout of the tax deduction for mortgage interest between 2013 and 2017; (3) allow a deduction for interest and taxes relating to land for dwelling purposes owned or leased by cooperative housing corporations; and (4) increase the state housing credit ceiling for the low-income housing tax credit.
Directs the Secretary of the Treasury to apply the savings from the enactment of this Act to the Housing Trust Fund, for assistance under the Section 8 low-income housing program, and for the Public Housing Capital Fund.