[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1317 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 1317

 To amend the Internal Revenue Code of 1986 to provide a tax credit to 
              individuals who pay their mortgages on time.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 4, 2009

 Mr. Shuster 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 a tax credit to 
              individuals who pay their mortgages on time.

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

SECTION 1. CREDIT FOR MAKING MORTGAGE PAYMENTS ON TIME.

    (a) In General.--Subpart C of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 (relating to refundable credits) 
is amended by inserting after section 36A the following new section:

``SEC. 36B. CREDIT FOR MAKING MORTGAGE PAYMENTS ON TIME.

    ``(a) In General.--In the case of an individual who is liable for 
one or more principal residence mortgage payments which are due during 
2008 and 2009 and who makes all of such payments on time, there shall 
be allowed as a credit against the tax imposed by this subtitle for the 
taxpayer's 2009 taxable year an amount equal to $5,000 ($2,500 in the 
case of a married individual filing a separate return).
    ``(b) Principal Residence Mortgage Payments.--For purposes of this 
section, the term `principal residence mortgage payment' means any 
payment on indebtedness which is secured by the taxpayer's principal 
residence (within the meaning of section 121). Such term shall not 
include any payment on any indebtedness which is secured by a residence 
which in located outside the United States.
    ``(c) Lender Statement of Compliance.--No credit shall be allowed 
under subsection (a) unless the taxpayer obtains from each lender to 
whom a payment described in subsection (a) is due a statement that such 
taxpayer was not delinquent in making any such payment.
    ``(d) 2009 Taxable Year.--For purposes of this section, the term 
`2009 taxable year' means the taxable year ending on December 31, 2009 
(or, in the case of taxpayer whose taxable year does not end on such 
date, the taxpayer's first taxable year ending after such date).''.
    (b) Conforming Amendments.--
            (1) Section 6211(b)(4)(A) of such Code is amended by 
        inserting ``36B,'' after ``36A,''.
            (2) Section 1324(b)(2) of title 31, United States Code, is 
        amended by inserting ``36B,'' after ``36A,''.
            (3) The table of sections for subpart C of part IV of 
        subchapter A of chapter 1 of the Internal Revenue Code of 1986 
        is amended by inserting after the item relating to section 36 
        the following new item:

``Sec. 36B. Credit for making mortgage payments on time.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years ending on or after December 31, 2009.
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