[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4494 Introduced in House (IH)]

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114th CONGRESS
  2d Session
                                H. R. 4494

  To amend the Internal Revenue Code of 1986 to allow a deduction for 
    rent paid or accrued on the personal residence of the taxpayer.


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                    IN THE HOUSE OF REPRESENTATIVES

                            February 8, 2016

 Mr. Grayson 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 a deduction for 
    rent paid or accrued on the personal 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 ``Renters Fairness and Equality Act''.

SEC. 2. DEDUCTION FOR RENT PAID ON PERSONAL RESIDENCE.

    (a) In General.--Part VI of subchapter B of chapter 1 of the 
Internal Revenue Code of 1986 is amended by inserting after section 163 
the following:

``SEC. 163A. RENT PAID ON PERSONAL RESIDENCE.

    ``(a) In General.--There shall be allowed as a deduction all rent 
paid or accrued within the taxable year on the principal residence 
(within the meaning of section 121) of the taxpayer.
    ``(b) Limitation.--No amount shall be allowed as a deduction under 
subsection (a) for the taxable year with respect to such principal 
residence if the assessed or appraised value of such principal 
residence for the taxable year exceeds $1,000,000 ($500,000 in the case 
of a married individual filing a separate return).
    ``(c) Coordination.--No amount may be deducted under subsection (a) 
if a deduction is allowable under section 163 for qualified residence 
interest (as defined in section 163(h)(3)) or a deduction is allowable 
under section 164(a)(1) for real property taxes paid or accrued for the 
taxable year with respect to such principal residence.''.
    (b) Clerical Amendment.--The table of sections for part VI of 
subchapter B of chapter 1 of such Code is amended by inserting after 
the item relating to section 163 the following new item:

``Sec. 163A. Rent paid on personal residence.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to amounts paid or accrued after December 31, 2014.
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