A bill to amend the Internal Revenue Code of 1954 to provide for a graduated credit, in lieu of a deduction, for interest paid on a mortgage on a taxpayer's principal residence.

Summary

Provides for a tax credit, under the Internal Revenue Code, of 25 percent of the interest paid or accrued on a mortgage secured by the taxpayer's principal residence. Provides that for every $500 of adjusted gross income of such taxpayer in excess of $30,000, such credit shall be reduced by an increment of 0.05 percent.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 21 October 1975

  Open at official source

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