Homeowner Tax Assistance Act

Homeowner Tax Assistance Act - Amends the Internal Revenue Code to: (1) increase by 25% the allowable tax deduction for mortgage interest on a principal residence until 2014; and (2) waive the requirement to repay credit amounts under the first-time homebuyer tax credit for residences purchased on or after April 9, 2008.

[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5239 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 5239

To amend the Internal Revenue Code of 1986 to provide an additional 25 
  percent allowance for the deduction of qualified residence interest 
 with respect to a principal residence, and to waive recapture of the 
 first-time homebuyer tax credit with respect to residences purchased 
                              during 2008.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 6, 2010

    Mr. Boswell (for himself, Mr. Braley of Iowa, and Mr. Loebsack) 
 introduced the following bill; which was referred to the Committee on 
                             Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to provide an additional 25 
  percent allowance for the deduction of qualified residence interest 
 with respect to a principal residence, and to waive recapture of the 
 first-time homebuyer tax credit with respect to residences purchased 
                              during 2008.

    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 ``Homeowner Tax Assistance Act''.

SEC. 2. SPECIAL ALLOWANCE FOR DEDUCTIBLE MORTGAGE INTEREST.

    (a) In General.--Paragraph (3) of section 163(h) of the Internal 
Revenue Code of 1986 is amended by adding at the end the following new 
subparagraph:
                    ``(F) Temporary 25 percent allowance for qualified 
                residence interest deduction.--
                            ``(i) In general.--Any deduction allowed 
                        under this section (determined without regard 
                        to this subparagraph) that is attributable to 
                        qualified residence interest with respect to 
                        the principal residence (within the meaning of 
                        section 121) of the taxpayer shall include an 
                        allowance equal to 25 percent of such amount.
                            ``(ii) Termination.--This subparagraph 
                        shall not apply to amounts paid or accrued 
                        after December 31, 2013.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to amounts paid or incurred after the date of the enactment of this 
Act.

SEC. 3. WAIVER OF FIRST-TIME HOMEBUYER RECAPTURE FOR PURCHASES IN 2008.

    (a) In General.--Subparagraph (D) of section 36(f)(4)(D) of the 
Internal Revenue Code of 1986 is amended--
            (1) by striking ``after December 31, 2008'' and inserting 
        ``on or after April 9, 2008'', and
            (2) by striking ``2009 and'' and inserting ``2008, 2009,''.
    (b) Effective Date.--The amendments made by this section shall 
apply to residences purchased on or after April 9, 2008.
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