summary
Introduced
02/07/2017
02/07/2017
In Committee
02/07/2017
02/07/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
Common Sense Housing Investment Act of 2017 apply the savings from the enactment of this bill to the Housing Trust Fund, rental assistance programs, and the Public Housing Capital Fund. The Department of Housing and Urban Development must revise regulations for the Housing Trust Fund to: (1) increase the limitation on funds that are available for operating assistance for housing, (2) allow public housing agencies and tribally designated housing entities to be the recipients of grants that are allocated to a state or a state designated entity, and (3) eliminate the applicability of rules for the fund that are based on the HOME Investment Partnerships Act.
AI Summary
This bill replaces the mortgage interest deduction with a nonrefundable tax credit of 15% of qualified residence interest paid or accrued during the taxable year. The credit has a cap of $500,000 in indebtedness ($250,000 for married individuals filing separately). The bill also phases out the mortgage interest deduction over 5 years, starting in 2017. The savings from these changes are applied to the Housing Trust Fund (60%), rental assistance programs (30%), and the Public Housing Capital Fund (10%). The bill also revises regulations for the Housing Trust Fund to increase the limitation on funds available for operating assistance, allow public housing agencies and tribes to receive grants, and eliminate rules based on the HOME Investment Partnerships Act.
Committee Categories
Budget and Finance
Sponsors (10)
Keith Ellison (D)*,
Nanette Barragán (D),
G. Butterfield (D),
Yvette Clarke (D),
John Conyers (D),
Mark DeSaulnier (D),
Dwight Evans (D),
Barbara Lee (D),
Bobby Scott (D),
Darren Soto (D),
Last Action
Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. (on 02/07/2017)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/115th-congress/house-bill/948/all-info |
| BillText | https://www.congress.gov/115/bills/hr948/BILLS-115hr948ih.pdf |
| Bill | https://www.congress.gov/115/bills/hr948/BILLS-115hr948ih.pdf.pdf |
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