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H.R. 948 115th Congress House

Common Sense Housing Investment Act of 2017

Official 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 p… Show full official titleShow less

Official 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.

Introduced: April 25, 2017 See on congress.gov
Taxation Cooperative and condominium housingGovernment trust fundsHousing finance and home ownershipHousing supply and affordability
More subjectsShow fewer subjects
Income tax creditsIncome tax deductionsInflation and pricesInterest, dividends, interest ratesLow- and moderate-income housingPublic housingState and local taxation
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This bill died when the 115th Congress ended
It never became law before the 115th Congress (2017–2018) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 7, 2017
Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Feb 7, 2017
Introduced in House
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 Latest action February 7, 2017

Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

 Plain-English summary Congressional Research Service

Common Sense Housing Investment Act of 2017

This bill 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 2017 and 2021; (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.

The bill directs the Department of the Treasury to apply the savings from the enactment of this bill to the Housing Trust Fund, rental assistance programs, and the Public Housing Capital Fund.

The Department of Housing and Urban Development must revise regulations for the Housing Trust Fund to: (1) increase the limitation on funds that are available for operating assistance for housing, (2) allow public housing agencies and tribally designated housing entities to be the recipients of grants that are allocated to a state or a state designated entity, and (3) eliminate the applicability of rules for the fund that are based on the HOME Investment Partnerships Act.

 Related & companion bills 2
  • HR 3399 Fair Tax Treatment for Manufactured Housing Community Cooperatives Act
  • HR 4074 Pathways Out of Poverty Act of 2017
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Cosponsors 6
All 6 Democratic 6
D
Barragán, Nanette Diaz
California · Aug 29, 2017
 D
Soto, Darren
Florida · Jun 21, 2017
 D
Clarke, Yvette D.
New York · May 16, 2017
 D
DeSaulnier, Mark
California · May 16, 2017
 D
Scott, Robert C. "Bobby"
Virginia · Apr 25, 2017
 D
Evans, Dwight
Pennsylvania · Apr 6, 2017
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 948: Common Sense Housing Investment Act of 2017. 115th Congress. Open America. https://openamerica.io/bill/115-HR-948/
MLA
"H.R. 948: Common Sense Housing Investment Act of 2017." 115th Congress, 2026, Open America, https://openamerica.io/bill/115-HR-948/.
Bluebook (legal)
H.R. 948, 115th Cong. (2026), https://openamerica.io/bill/115-HR-948/.
Markdown link
[H.R. 948: Common Sense Housing Investment Act of 2017](https://openamerica.io/bill/115-HR-948/)
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