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Rep. Keith Ellison (D-MN) has introduced legislation that will replace the current mortgage interest deduction with a new 15 percent flat rate tax credit on interest paid on mortgages up to $500,000.
Rep. Ellison claimed that his legislation–HR 1662, the Common Sense Housing Investment Act–would expand homeownership opportunities for middle-income Americans, while generating more than $200 billion in revenue over the next decade that can be used to address the affordable rental housing shortage.
“The Common Sense Housing Investment Act provides a more generous tax benefit for more working families with mortgages and makes a significant contribution to addressing the rental housing crisis,” said Rep. Ellison “It would enable 16 million more current homeowners with a mortgage to receive a bigger tax break. It also makes a significant contribution to the gap of seven million affordable rental homes needed for extremely low-income families.”
HR 1662 is co-sponsored by five Democratic representatives. Similar legislation was introduced by Rep. Ellison in the 113th Congress, but it never made it beyond the House Committees on Ways and Means and on Financial Services.