110 HR 3608 IH: To amend the Internal Revenue Code of 1986 to allow the U.S. House of Representatives 2007-09-20 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 110th CONGRESS 1st Session H. R. 3608 IN THE HOUSE OF REPRESENTATIVES September 20, 2007 Mr. Barrow 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 allow the deduction for interest on acquisition indebtedness on principal residences to all individuals, whether or not they itemize their other deductions.

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.