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co.mments
HR 3608 IH
To amend the Internal Revenue Code of 1986 to allow the deduction for interest on acquisition indebtedness on principal residences to all individuals, whether or not they itemize their other deductions.
September 20, 2007
Mr. BARROW introduced the following bill; which was referred to the Committee on Ways and Means
To amend the Internal Revenue Code of 1986 to allow the deduction for interest on acquisition indebtedness on principal residences to all individuals, whether or not they itemize their other deductions.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. DEDUCTION FOR INTEREST ON ACQUISITION INDEBTEDNESS ON PRINCIPAL RESIDENCES ALLOWED TO ALL INDIVIDUALS, WHETHER OR NOT THEY ITEMIZE OTHER DEDUCTIONS.
(a) In General- Subsection (a) of section 62 of the Internal Revenue Code of 1986 (defining adjusted gross income) is amended by inserting after paragraph (21) the following new paragraph:
`(22) INTEREST ON PRINCIPAL RESIDENCE ACQUISITION INDEBTEDNESS- The deduction allowed by section 163 for acquisition indebtedness (as defined by section 163(h)(3)(B)) with respect to the taxpayer's principal residence (within the meaning of section 121).'.
(b) Effective Date- The amendment made by this section shall apply to taxable years beginning after the date of the enactment of this Act.
