S.Amdt. 1713

SA 1713. Mr. ISAKSON submitted an amendment intended to be proposed
to amendment SA 1618 proposed by Mr. McConnell (for Mr. Hatch (for
himself and Ms. Murkowski)) to the bill H.R. 1, to provide for
reconciliation pursuant to titles II and V of the concurrent resolution
on the budget for fiscal year 2018; which was ordered to lie on the
table; as follows:

On page 76, strike lines 4 through 12 and insert the
following:

SEC. 11043. SUSPENSION OF DEDUCTION FOR CERTAIN RESIDENCE
INTEREST.

(a) Home Equity Interest.--Section 163(h)(3)(A)(ii) is
amended by inserting ``in the case of taxable years beginning
before January 1, 2018, or after December 31, 2025,'' before
``home equity indebtedness''.
(b) Certain Additional Indebtedness.--Section 163(h)(3)(B)
is amended by adding at the end the following new clause:
``(iii) Additional limitation.--Such term shall not include
any indebtedness incurred after December 31, 2017, and before
January 1, 2026, which does not have priority (within the
meaning of such term as used in section 6323) over all other
indebtedness secured by the qualified residence which is also
incurred in acquiring, constructing, or substantially
improving the residence.''.
(c) Effective Date.--The amendments made by this section
shall apply to taxable years ending after December 31, 2017.
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