Section 1 Short title
This Act may be cited as the “Home Equity Loan Deduction Restoration Act”.
Home Equity Loan Deduction Restoration Act
A BILL
To amend the Internal Revenue Code of 1986 to reinstate the deduction for interest on home equity indebtedness.
Sec. 2 Reinstatement of deduction for interest on home equity indebtedness
In general— Section 163(h)(3)(F)(i) of the Internal Revenue Code of 1986 is amended by striking subclause (I) and by redesignating subclauses (II), (III), and (IV) as subclauses (I), (II), and (III), respectively.
Conforming amendments—
Section 163(h)(3)(F)(i)(II) of such Code, as redesignated by subsection (a), is amended by striking “Subclause (II)” and inserting “Subclause (I)”.
Section 163(h)(3)(F)(i)(III) of such Code, as redesignated by subsection (a), is amended by striking “subclause (III)” and inserting “subclause (II)”.
Section 163(h)(3)(F)(iii)(I) of such Code is amended by striking “clause (i)(III)” and inserting “clause (i)(II)”.
Effective date— The amendments made by this section shall apply to taxable years beginning after December 31, 2017.