[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3608 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 3608

 To amend the Internal Revenue Code of 1986 to allow the deduction for 
  interest on acquisition indebtedness on principal residences to all 
    individuals, whether or not they itemize their other deductions.


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                    IN THE HOUSE OF REPRESENTATIVES

                           September 20, 2007

  Mr. Barrow introduced the following bill; which was referred to the 
                      Committee on Ways and Means

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                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to allow the deduction for 
  interest on acquisition indebtedness on principal residences to all 
    individuals, whether or not they itemize their other deductions.

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

SECTION 1. DEDUCTION FOR INTEREST ON ACQUISITION INDEBTEDNESS ON 
              PRINCIPAL RESIDENCES ALLOWED TO ALL INDIVIDUALS, WHETHER 
              OR NOT THEY ITEMIZE OTHER DEDUCTIONS.

    (a) In General.--Subsection (a) of section 62 of the Internal 
Revenue Code of 1986 (defining adjusted gross income) is amended by 
inserting after paragraph (21) the following new paragraph:
            ``(22) Interest on principal residence acquisition 
        indebtedness.--The deduction allowed by section 163 for 
        acquisition indebtedness (as defined by section 163(h)(3)(B)) 
        with respect to the taxpayer's principal residence (within the 
        meaning of section 121).''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after the date of the enactment of this Act.
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