S.Amdt. 4346

SA 4346. Mr. MERKLEY (for himself and Mr. Hawley) submitted an
amendment intended to be proposed to amendment SA 4308 proposed by Mr.
Scott of South Carolina (for himself and Ms. Warren) to the bill H.R.
6644, a bill to increase the supply of housing in America, and for
other purposes; which was ordered to lie on the table; as follows:

On page 301, between lines 6 and 7, insert the following:
(g) Disallowance of Certain Deductions for Large
Institutional Investors.--
(1) Mortgage interest.--
(A) 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) No Deduction for Large Institutional Investors.--No
deduction shall be allowed under this chapter with respect to
interest paid or accrued by a large institutional investor
(as defined in section 901(a)(4) of the 21st Century ROAD to
Housing Act).''.
(2) Depreciation.--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) No Deduction for Large Institutional Investors.--No
deduction shall be allowed under this section with respect to
any property held by a large institutional investor (as
defined in section 901(a)(4) of the 21st Century ROAD to
Housing Act).''.
(3) Effective date.--The amendments made by this subsection
shall apply to taxable years beginning after the date that is
5 years after the date of the enactment of this Act.
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