S.Amdt. 2696
What it does: Adds SEC. ___. MORTGAGE INTEREST DEDUCTION ALLOWED WITH RESPECT TO BOATS ONLY IF BOAT IS USED AS THE PRINCIPAL RESIDENCE OF THE TAXPAYER wherever appropriate
Sen. Tom Coburn (R-OK)What it changes
1 change to S. 1926
Adds SEC. ___. MORTGAGE INTEREST DEDUCTION ALLOWED WITH RESPECT TO BOATS ONLY IF BOAT IS USED AS THE PRINCIPAL RESIDENCE OF THE TAXPAYER wherever appropriate
Adds a sectionInserted: SEC. ___. MORTGAGE INTEREST DEDUCTION ALLOWED WITH RESPECT TO BOATS ONLY IF BOAT IS USED AS THE PRINCIPAL RESIDENCE OF THE TAXPAYER.
Inserted: (a) In General.--Subclause (II) of section 163(h)(4)(A)(i) of the Internal Revenue Code of 1986 is amended by inserting "(other than a boat)" after "1 other residence of the taxpayer".
Inserted: (b) Effective Date.--
Inserted: (1) In general.--The amendment made by this section shall apply to indebtedness incurred after the date that is 3 months after the date of the enactment of this Act.
Inserted: (2) Special rule for refinancings.--For purposes of this subsection, indebtedness resulting from the refinancing of indebtedness shall be treated as incurred on the date the refinanced indebtedness was incurred (taking into account the application of this paragraph in the case of multiple refinancings) but only to the extent the indebtedness resulting from such refinancing does not exceed the refinanced indebtedness.
The amendment doesn't say where this goes; the clerk decides.
Original wording
At the appropriate place, insert the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 2696. Mr. COBURN submitted an amendment intended to be proposed by him to the bill S. 1926, to delay the implementation of certain provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 and to reform the National Association of Registered Agents and Brokers, and for other purposes; which was ordered to lie on the table; as follows:
At the appropriate place, insert the following:
SEC. ___. MORTGAGE INTEREST DEDUCTION ALLOWED WITH RESPECT TO BOATS ONLY IF BOAT IS USED AS THE PRINCIPAL RESIDENCE OF THE TAXPAYER.
(a) In General.--Subclause (II) of section 163(h)(4)(A)(i) of the Internal Revenue Code of 1986 is amended by inserting “(other than a boat)” after “1 other residence of the taxpayer”.
(b) Effective Date.--
(1) In general.--The amendment made by this section shall apply to indebtedness incurred after the date that is 3 months after the date of the enactment of this Act.
(2) Special rule for refinancings.--For purposes of this subsection, indebtedness resulting from the refinancing of indebtedness shall be treated as incurred on the date the refinanced indebtedness was incurred (taking into account the application of this paragraph in the case of multiple refinancings) but only to the extent the indebtedness resulting from such refinancing does not exceed the refinanced indebtedness.
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Senate amendment submitted
January 28, 2014