H.R.1662 - Common Sense Housing Investment Act of 2015114th Congress (2015-2016)
|Sponsor:||Rep. Ellison, Keith [D-MN-5] (Introduced 03/26/2015)|
|Committees:||House - Ways and Means; Financial Services|
|Latest Action:||House - 03/26/2015 Referred to House Financial Services (All Actions)|
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Summary: H.R.1662 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in House (03/26/2015)
Common Sense Housing Investment Act of 2015
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 2016 and 2020; (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 Department 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.