H.R. 6677 (112th): Common Sense Housing Investment Act of 2012

Introduced:
Dec 18, 2012 (112th Congress, 2011–2013)
Status:
Died (Referred to Committee)
Sponsor
Keith Ellison
Representative for Minnesota's 5th congressional district
Party
Democrat
Text
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Last Updated
Dec 18, 2012
Length
15 pages
Related Bills
H.R. 1213 (113th) was a re-introduction of this bill in a later Congress.

Referred to Committee
Last Action: Mar 15, 2013

 
Status

This bill was introduced on December 18, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Dec 18, 2012
Referred to Committee Dec 18, 2012
 
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.

Cosponsors
1 cosponsors (1D) (show)
Committees

House Financial Services

House Ways and Means

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

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

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.


12/18/2012--Introduced.
Common Sense Housing Investment Act of 2012 - 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 20% 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 2013 and 2017;
(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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