HB 1662 Common Sense Housing Investment Act of 2015

About HB-1662

Common Sense Housing Investment Act of 2015 Amends the Internal Revenue Code, with respect to the tax deduction for mortgage interest, to:

• (1) allow, in lieu of such deduction, a tax credit for 15% of mortgage interest paid in a taxable year for the taxpayer's principal residence and one other residence;
• (2) provide for a phaseout of the tax deduction for mortgage interest between 2016 and 2020;
• (3) allow a deduction for interest and taxes relating to land for dwelling purposes owned or leased by cooperative housing corporations; and
• (4) increase the state housing credit ceiling for the low-income housing tax credit

Directs the Department of the Treasury to apply the savings from the enactment of this Act to the Housing Trust Fund, for assistance under the Section 8 low-income housing program, and for the Public Housing Capital Fund.