[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5165 Introduced in House (IH)]







107th CONGRESS
  2d Session
                                H. R. 5165

 To amend the Internal Revenue Code of 1986 to provide for an enhanced 
deduction for qualified residence interest on acquisition indebtedness 
                          for heritage homes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 18, 2002

 Mr. Platts (for himself, Mr. Jenkins, and Mr. Souder) introduced the 
 following bill; which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to provide for an enhanced 
deduction for qualified residence interest on acquisition indebtedness 
                          for heritage homes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Heritage Homes Tax Incentive Act of 
2001''.

SEC. 2. ENHANCED DEDUCTION FOR QUALIFIED RESIDENCE INTEREST ON 
              ACQUISITION INDEBTEDNESS FOR HERITAGE HOMES.

    (a) In General.--Subsection (h) of section 163 of the Internal 
Revenue Code of 1986 (relating to disallowance of deduction for 
personal interest) is amended by adding at the end the following new 
paragraph:
            ``(6) Heritage home.--
                    ``(A) In general.--In the case of qualified 
                residence interest which is paid or accrued on 
                acquisition indebtedness incurred with respect to the 
                heritage home of the taxpayer, the deduction under 
                subsection (a) shall be 125 percent of the amount 
                otherwise allowable by subsection (a).
                    ``(B) Heritage home.--For purposes of subparagraph 
                (A), the term `heritage home' means the principal 
                residence of the taxpayer--
                            ``(i) the construction of which was 
                        substantially completed at least 50 years 
                        before the beginning of the taxable year,
                            ``(ii) which is a certified historical 
                        structure (as defined in section 47(c)(3)(A)),
                            ``(iii) which is located in a registered 
                        historical district (as defined in section 
                        47(c)(3)(B)), or
                            ``(iv) which is located on land which was 
                        platted for residential purposes at least 50 
                        years prior to the beginning of the taxable 
                        year.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to taxable years beginning after the date of the enactment of 
this Act.
                                 <all>