Ending Taxpayer Subsidies for Yachts Act

Bill: 113-hr-2563
Sponsor: full_name: Rep. Quigley, Mike [D-IL-5]
Introduced: 2013-06-27
Policy area: Taxation
Subjects: Housing finance and home ownership

Income tax deductions

Marine and inland water transportation
Latest action: action_date: 2013-06-27
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2013-06-27
action_desc: Introduced in House
text: <p>Ending Taxpayer Subsidies for Yachts Act - Amends the Internal Revenue Code to deny a tax deduction for interest paid on a mortgage for a second residence of a taxpayer if that residence is a boat.</p>

tv_txt: I 113th CONGRESS 1st Session 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 A BILL 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.

1. Short title This Act may be cited as the Ending Taxpayer Subsidies for Yachts Act . 2. Mortgage interest deduction allowed with respect to boats only if boat is used as the principal residence of the taxpayer (a) In general Subclause (ii) of section 163(h)(4)(A) of the Internal Revenue Code of 1986 is amended by inserting (other than a boat) after 1 other residence of the taxpayer . (b) Effective date (1) In general The amendment made by this section shall apply to indebtedness incurred after the date of the enactment of this Act. (2) 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.