[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1823 Introduced in House (IH)]

114th CONGRESS
  1st Session
                                H. R. 1823

   To amend the Internal Revenue Code of 1986 to allow the mortgage 
 interest deduction with respect to boats only if the boat is used as 
                the principal residence of the taxpayer.


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                    IN THE HOUSE OF REPRESENTATIVES

                             April 15, 2015

  Mr. Quigley (for himself, Mr. Aguilar, and Mr. Ruiz) 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 mortgage 
 interest deduction with respect to boats only if the boat is used as 
                the principal residence of the taxpayer.

    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 ``Ending Taxpayer Subsidies for Yachts 
Act''.

SEC. 2. MORTGAGE INTEREST DEDUCTION ALLOWED WITH RESPECT TO BOATS ONLY 
              IF BOAT IS USED AS THE PRINCIPAL RESIDENCE OF THE 
              TAXPAYER.

    (a) In General.--Section 163(h)(4)(A)(i)(II) of the Internal 
Revenue Code of 1986 is amended by inserting ``(other than a boat)'' 
after ``1 other residence of the taxpayer''.
    (b) Effective Date.--
            (1) In general.--The amendment made by this section shall 
        apply to indebtedness incurred after the date of the enactment 
        of this Act.
            (2) Special rule for refinancings.--For purposes of this 
        subsection, indebtedness resulting from the refinancing of 
        indebtedness shall be treated as incurred on the date the 
        refinanced indebtedness was incurred (taking into account the 
        application of this paragraph in the case of multiple 
        refinancings) but only to the extent the indebtedness resulting 
        from such refinancing does not exceed the refinanced 
        indebtedness.
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