[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6817 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 6817

 To amend the Internal Revenue Code of 1986 to reinstate the deduction 
               for interest on home equity indebtedness.


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                    IN THE HOUSE OF REPRESENTATIVES

                           September 13, 2018

  Mrs. Carolyn B. Maloney of New York 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 reinstate the deduction 
               for interest on home equity indebtedness.

    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 ``Home Equity Loan Deduction 
Restoration Act''.

SEC. 2. REINSTATEMENT OF DEDUCTION FOR INTEREST ON HOME EQUITY 
              INDEBTEDNESS.

    (a) In General.--Section 163(h)(3)(F)(i) of the Internal Revenue 
Code of 1986 is amended by striking subclause (I) and by redesignating 
subclauses (II), (III), and (IV) as subclauses (I), (II), and (III), 
respectively.
    (b) Conforming Amendments.--
            (1) Section 163(h)(3)(F)(i)(II) of such Code, as 
        redesignated by subsection (a), is amended by striking 
        ``Subclause (II)'' and inserting ``Subclause (I)''.
            (2) Section 163(h)(3)(F)(i)(III) of such Code, as 
        redesignated by subsection (a), is amended by striking 
        ``subclause (III)'' and inserting ``subclause (II)''.
            (3) Section 163(h)(3)(F)(iii)(I) of such Code is amended by 
        striking ``clause (i)(III)'' and inserting ``clause (i)(II)''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2017.
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