[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4562 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 4562

    To amend the Internal Revenue Code of 1986 to allow a temporary 
         deduction for interest on unsecured credit card debt.


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                    IN THE HOUSE OF REPRESENTATIVES

                            February 2, 2010

Mr. Lewis of Georgia 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 a temporary 
         deduction for interest on unsecured credit card debt.

    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 ``Cash Back Reward Act of 2010''.

SEC. 2. TEMPORARY DEDUCTION FOR INTEREST ON UNSECURED CREDIT CARD DEBT.

    (a) In General.--Paragraph (2) of section 163(h) of the Internal 
Revenue Code of 1986 (relating to disallowance of deduction for 
personal interest) is amended by striking ``and'' at the end of 
subparagraph (E), by striking the period at the end of subparagraph (F) 
and inserting ``, and'', and by adding at the end the following new 
subparagraph:
                    ``(G) any interest--
                            ``(i) which is paid by an individual on 
                        unsecured credit card debt of the individual 
                        during taxable years beginning after December 
                        31, 2009, and before January 1, 2011, and
                            ``(ii) which is not otherwise allowable as 
                        a deduction under this chapter.''.
    (b) Limitation.--Paragraph (4) of section 163(h) of such Code is 
amended by adding at the end the following new subparagraph:
                    ``(G) Dollar limitation on unsecured credit card 
                debt.--The amount of interest which may be taken into 
                account under paragraph (2)(G) shall not exceed $5,000 
                ($10,000 in the case of a joint return) for any taxable 
                year.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2009.
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