H.R.1213 - Common Sense Housing Investment Act of 2013113th Congress (2013-2014)
|Sponsor:||Rep. Ellison, Keith [D-MN-5] (Introduced 03/15/2013)|
|Committees:||House - Financial Services; Ways and Means|
|Latest Action:||03/15/2013 Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.|
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Summary: H.R.1213 — 113th Congress (2013-2014)All Bill Information (Except Text)
Introduced in House (03/15/2013)
Common Sense Housing Investment Act of 2013 - 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 15% 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 2014 and 2018; (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.