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United States · Bill · HR

H.R. 884 (98th)

Mortgage Interest Rate Reduction Act of 1983

referredUnited States· United States Congress· EN

Introduced

25 January 1983

Last action

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Status

Referred to House Committee on Ways and Means.

Sponsors

—

Subjects

Discovery layer

Source updated

29 August 2025

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Summary

Mortgage Interest Rate Reduction Act of 1983 - Amends the Internal Revenue Code to exclude from the gross income of qualified lenders 25 percent of the interest received on certain mortgage loans. Requires that the effective rate of interest on such financing not exceed 90 percent of the prevailing conventional mortgage rate. Specifies that such exclusion is not limited to the lender who originated the loan. Provides that, for purposes of the bad debt deduction for commercial banks, qualified mortgage loans shall be included in computing the percentage of outstanding loans.

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Documents

1 official file

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