H. R. 2563
IN THE HOUSE OF REPRESENTATIVES
June 27, 2013
Mr. Quigley (for himself and Mr. Walz) 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 mortgage interest deduction with respect to boats only if the boat is used as the principal residence of the taxpayer.
This Act may be cited as the
Ending Taxpayer Subsidies for Yachts
Mortgage interest deduction allowed with respect to boats only if boat is used as the principal residence of the taxpayer
Subclause (ii) of section 163(h)(4)(A) of the Internal
Revenue Code of 1986 is amended by inserting
(other than a boat)
1 other residence of the taxpayer.
The amendment made by this section shall apply to indebtedness incurred after the date of the enactment of this Act.
Special rule for refinancings
For purposes of this subsection, indebtedness resulting from the refinancing of indebtedness shall be treated as incurred on the date the refinanced indebtedness was incurred (taking into account the application of this paragraph in the case of multiple refinancings) but only to the extent the indebtedness resulting from such refinancing does not exceed the refinanced indebtedness.