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

Introduced:
Mar 15, 2013 (113th Congress, 2013–2015)
Sponsor:
Rep. Keith Ellison [D-MN5]
Status:
Referred to Committee

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was assigned to a congressional committee on March 15, 2013, which will consider it before possibly sending it on to the House or Senate as a whole.

Progress
Introduced Mar 15, 2013
Referred to Committee Mar 15, 2013
Reported by Committee ...
Passed House ...
Passed Senate ...
Signed by the President ...
Prognosis

0% chance of getting past committee.
0% chance of being enacted.

Only 11% of House bills made it past committee and only 3% were enacted in 2011–2013. [show factors | methodology]

Cosponsors
8 cosponsors (8D) (show)
Committees

House Financial Services

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

Full Title

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.

Summary

No summaries available.

Text

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Last updated Mar 15, 2013.
15 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

3/15/2013--Introduced.
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.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)