Home Equity Loan Deduction Restoration Act

Bill: 115-hr-6817
Sponsor: full_name: Rep. Maloney, Carolyn B. [D-NY-12]
Introduced: 2018-09-13
Policy area: Taxation
Subjects: Housing finance and home ownership

Income tax deductions

Interest, dividends, interest rates
Latest action: action_date: 2018-09-13
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2018-09-13
action_desc: Introduced in House
text: <p><b>Home Equity Loan Deduction Restoration Act</b></p> <p>This bill amends the Internal Revenue Code to reinstate the deduction for interest on home equity loans. (Under current law, the deduction is suspended through 2025.) </p>

tv_txt: I 115th CONGRESS 2d Session H. R. 6817 IN THE HOUSE OF REPRESENTATIVES September 13, 2018 Mrs. Carolyn B. Maloney of New York 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 reinstate the deduction for interest on home equity indebtedness.

1. Short title This Act may be cited as the Home Equity Loan Deduction Restoration Act . 2. Reinstatement of deduction for interest on home equity indebtedness (a) In general Section 163(h)(3)(F)(i) of the Internal Revenue Code of 1986 is amended by striking subclause (I) and by redesignating subclauses (II), (III), and (IV) as subclauses (I), (II), and (III), respectively. (b) Conforming amendments (1) Section 163(h)(3)(F)(i)(II) of such Code, as redesignated by subsection (a), is amended by striking Subclause (II) and inserting Subclause (I) . (2) Section 163(h)(3)(F)(i)(III) of such Code, as redesignated by subsection (a), is amended by striking subclause (III) and inserting subclause (II) . (3) Section 163(h)(3)(F)(iii)(I) of such Code is amended by striking clause (i)(III) and inserting clause (i)(II) . (c) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2017.