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United States · Bill · HR

H.R. 1560 (100th)

A bill to amend the Internal Revenue Code of 1986 to permit indebtedness resulting from the refinancing of certain indebtedness incurred before August 16, 1986, to qualify for the grandfather provisions of the interest disallowance rules.

referredUnited States· United States Congress· EN

Introduced

11 March 1987

Last action

11 March 1987 · Introduced

Status

Referred to House Committee on Ways and Means.

Sponsors

Rep. Matsui, Robert T. [D-CA-5], Rep. Schulze, Richard T. [R-PA-5], Rep. Downey, Thomas J. [D-NY-2], Rep. Flippo, Ronnie G. [D-AL-5], Rep. Thomas, William M. [R-CA-21], Rep. Mineta, Norman Y. [D-CA-15], Rep. Morella, Constance A. [R-MD-8], Sen. Dorgan, Byron L. [D-ND], Rep. Crane, Philip M. [R-IL-8], Rep. Ford, Harold E. [D-TN-9], Sen. Brown, Hank [R-CO], Rep. Archer, Bill [R-TX-7], Rep. Gephardt, Richard A. [D-MO-3], Rep. Daub, Hal [R-NE-2], Rep. Waxman, Henry A. [D-CA-33], Rep. Andrews, Michael [D-TX-25], Rep. Jenkins, Edgar L. [D-GA-9], Rep. Kennelly, Barbara B. [D-CT-1], Sen. Gregg, Judd [R-NH], Rep. Chandler, Rod D. [R-WA-8], Rep. Rangel, Charles B. [D-NY-15], Rep. Boehlert, Sherwood [R-NY-24], Rep. Stark, Fortney Pete [D-CA-13], Rep. Torres, Esteban Edward [D-CA-34], Rep. Lewis, John [D-GA-5], Rep. Duncan, John J. [R-TN-2], Rep. Wilson, Charles [D-TX-2], Rep. Roe, Robert A. [D-NJ-8], Rep. Lagomarsino, Robert J. [R-CA-19], Rep. Atkins, Chester G. [D-MA-5], Rep. Horton, Frank J. [R-NY-29], Rep. Williams, Pat [D-MT-At Large], Rep. Manton, Thomas J. [D-NY-7], Rep. Fazio, Vic [D-CA-3], Rep. Buechner, Jack [R-MO-2], Rep. Price, Melvin [D-IL-21], Rep. Neal, Stephen L. [D-NC-5], Rep. Barnard, Doug, Jr. [D-GA-10], Rep. Lancaster, H. Martin [D-NC-3], Rep. Martinez, Matthew G. [D-CA-31], Sen. Boxer, Barbara [D-CA]

Subjects

Taxation

Source updated

7 February 2024

Taxation

Official sourceView documentsShare

Summary

Amends the Internal Revenue Code to allow a tax deduction for interest on refinanced indebtedness secured by a qualified residence, when the indebtedness was incurred and secured on or before August 16, 1986, but such refinancing occurred after August 16, 1986. Requires that the principal amount after refinancing not exceed the principal amount before refinancing (even though the latter, when originally incurred, exceeded the cost basis for the residence plus improvements).

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 11 March 1987

    Introduced

    Referred to House Committee on Ways and Means.

    Source: IntroReferral

  2. 11 March 1987

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 11 March 1987

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

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Sponsors

Related records

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Sources

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