A bill to amend the Internal Revenue Code of 1954 to allow rapid amortization of certain new multiple dwelling units.

Summary

Permits individuals to elect to take an amortization deduction, under the Internal Revenue Code, for high mortgage interest rate multiple dwelling units in lieu of the depreciation deduction with respect to such units. Defines "high mortgage interest rate multiple dwelling units" as multiple dwelling units constructed after December 31, 1974, if the rate of interest on a loan to the taxpayer which is secured by a first mortgage on such dwelling unit exceeds 7.5 percent per year.

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Timeline

1. 20 February 1975

   Introduced

   Referred to Senate Committee on Finance.

   Source: IntroReferral

2. 20 February 1975

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 20 February 1975

  Open at official source

Sponsors

• Sen. Moss, Frank E. [D-UT] · D · Sponsor
• · ssfi00 · Standing

Related records

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