WASHINGTON -- The president's tax reform panel is recommending that income tax deductibility for home equity loans and second homes be eliminated from tax reform proposals.
At a public hearing last week discussing major changes to the U.S. tax code, panel member Elizabeth Garrett noted that the current mortgage interest deduction would be changed to a "home credit" where "up to" 15% of mortgage interest paid to build or acquire a home would count as a tax credit. The panel reiterated a previously disclosed recommendation to cap the mortgage interest deduction at loan sizes of …
No comments:
Post a Comment