[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5339 Introduced in House (IH)]







107th CONGRESS
  2d Session
                                H. R. 5339

To amend the Internal Revenue Code of 1986 to repeal the provision that 
limited the interest deduction on refinanced home mortgage indebtedness 
          to the amount of the indebtedness being refinanced.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 5, 2002

 Mr. Reynolds 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 repeal the provision that 
limited the interest deduction on refinanced home mortgage indebtedness 
          to the amount of the indebtedness being refinanced.

    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 ``Homeowner Refinance Fairness Act of 
2002''.

SEC. 2. REPEAL OF REFINANCING LIMITATION ON DEDUCTION FOR HOME MORTGAGE 
              INTEREST.

    (a) In General.--The last sentence of section 163(h)(3)(B)(i) of 
the Internal Revenue Code of 1986 is amended amended to read as 
follows:
``Such term also includes any indebtedness secured by such residence 
resulting from the refinancing of indebtedness meeting the requirements 
of the preceding sentence (or this sentence); but only to the extent 
the amount of the indebtedness resulting from such refinancing does not 
exceed the limitation under clause (ii).''
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after the date of the enactment of 
this Act.
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