H.R.1213 - Common Sense Housing Investment Act of 2013

To amend the Internal Revenue Code of 1986 to replace the mortgage interest deduction with a nonrefundable credit for indebtedness secured by a residence, to provide affordable housing to extremely low-income families, and for other purposes. view all titles (2)

All Bill Titles

  • Official: To amend the Internal Revenue Code of 1986 to replace the mortgage interest deduction with a nonrefundable credit for indebtedness secured by a residence, to provide affordable housing to extremely low-income families, and for other purposes. as introduced.
  • Short: Common Sense Housing Investment Act of 2013 as introduced.

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Introduced
 
House
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Senate
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President
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03/14/13
 
 
 
 
 
 
 

Official Summary

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

Official Summary

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.

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