Sec. 102. Mortgage interest tax credit
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Subpart A of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 25D the following new section: There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to 15 percent of the qualified mortgage interest paid or accrued by the taxpayer during the taxable year. For purposes of this section— The term qualified mortgage interest means interest paid or accrued on acquisition indebtedness (as defined in section 163(h)(3)(B)(i)) with respect to a residence of the taxpayer which is the principal residence (within the meaning of section 121) of the taxpayer.
The aggregate amount treated as acquisition indebtedness for purposes of this section for any period shall not exceed the limitation governing the maximum original principal obligation for a mortgage secured by a single-family residence, as determined and adjusted annually under section 302(b)(2) of the Federal National Mortgage Association Charter Act ( 12 U.S.C. 1717(b)(2) ) and section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act ( 12 U.S.C. 1454(a)(2) ). Rules similar to the rules of section 163(h)(3)(E) shall apply.
Rules similar to the rules of subparagraphs (B), (C), and
(D)of section 163(h)(4) shall apply. A taxpayer may elect not to have this section apply with respect to qualified mortgage interest paid or accrued by the taxpayer for any taxable year. No credit shall be allowed under this section for any taxable year with respect any residence if— a deduction is allowed for such taxable year under section 163 with respect to such residence, or a credit is allowed for such taxable year under section 25 with respect to such residence. . The table of sections for subpart A of part IV of subchapter A of chapter 1 of such Code is amended by inserting after the item relating to section 25 the following new item: Sec. 25A–1. Mortgage interest. . Section 25 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsections: A taxpayer may elect not to have this section apply for any taxable year. No credit shall be allowed under this section for any taxable year with respect to a if a credit is allowed for such taxable year under section 25A–1 with respect to such residence. . Section 6501(m) of such Code is amended by inserting 25(j), 25A–1(c), before 30B(h)(9) . The amendments made by this section shall apply to taxable years beginning after December 31, 2019.
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