119-HR1745

Bill is currently in: House
Path to Law
House Senate President

119th CONGRESS

1st Session

H. R. 1745

1. Short title
2. Excise tax on certain taxpayers failing to sell excess single-family residences
3. Disallowance of mortgage interest and depreciation in connection with single family residences owned by covered taxpayers

1. Short title

This Act may be cited as the "Humans over Private Equity for Homeownership Act" or the "HOPE for Homeownership Act" .

2. Excise tax on certain taxpayers failing to sell excess single-family residences

(a) In general - Subtitle D of the Internal Revenue Code of 1986 is amended by adding at the end the following new chapter:

(b) Clerical amendment - The table of chapters for subtitle D of the Internal Revenue Code of 1986 is amended by adding at the end the following new item:

(c) Effective date - The amendments made by this section shall apply to taxable years beginning after the date of enactment of this Act.

3. Disallowance of mortgage interest and depreciation in connection with single family residences owned by covered taxpayers

(a) Mortgage interest

(1) In general - Section 163 of the Internal Revenue Code of 1986 is amended by redesignating subsection (n) as subsection (o) and by inserting after subsection (m) the following new subsection:

(n) Certain interest paid by covered taxpayers

(1) In general - No deduction shall be allowed under this chapter for a taxable year with respect to interest paid or accrued on acquisition indebtedness with respect to any single-family residence if the owner of such single-family residence is liable for tax under chapter 50B for such taxable year.

(2) Definitions - For purposes of this subsection—

(A) Acquisition indebtedness - The term acquisition indebtedness has the meaning given such term under subsection (h)(3)(B), determined—

(i) - by substituting "single-family residence (as defined in section 5000G(b))" for "qualified residence", and

(ii) - without regard to clause (ii) thereof.

(B) Single-family residence - The term single-family residence has the meaning given such term under section 5000G(b)

(C) Ownership - The rules of section 5000G(c) shall apply for purposes of determining ownership.

(2) Effective date - The amendments made by this subsection shall apply to taxable years beginning after the date of the enactment of this Act.

(b) Depreciation

(1) In general - Section 167 of the Internal Revenue Code of 1986 is amended by redesignating subsection (i) as subsection (j) and by inserting after subsection (h) the following new subsection:

(i) Deduction disallowed for disqualified single family property owners

(1) In general - No deduction shall be allowed under this section for a taxable year with respect to a single-family residence if the owner of such single-family residence is liable for tax under chapter 50B for such taxable year.

(2) Definitions - For purposes of this subsection—

(A) Single-family residence - The term single-family residence has the meaning given such term under section 5000G(b).

(B) Ownership - The rules of section 5000G(c) shall apply for purposes of determining ownership.

(2) Effective date - The amendments made by this subsection shall apply to taxable years beginning after the date of the enactment of this Act.