H.R. 1662

Referred to Committee

Common Sense Housing Investment Act of 2015

Introduced 3/26/2015•114th Congress•House

Latest Action

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.

3/26/2015 • House

Summary

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.

Introduced in House • 3/26/2015

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Topics & Subjects

Policy Area: Taxation

Cooperative and condominium housingGovernment trust fundsHousing finance and home ownershipHousing supply and affordabilityIncome tax creditsIncome tax deductionsInflation and pricesInterest, dividends, interest ratesLow- and moderate-income housingPublic housingState and local taxation