A bill to amend the Internal Revenue Code of 1954 to reduce mortgage interest rates for first-time home buyers by providing a partial exclusion for interest on certain mortgages, and for other purposes.
Mortgage Interest Rate Reduction Act of 1983 - Amends the Internal Revenue Code to exclude from the gross income of qualified lenders 25 percent of the interest received on certain mortgage loans. Requires that the effective rate of interest on such financing not exceed 90 percent of the prevailing conventional mortgage rate. Specifies that such exclusion is not limited to the lender who originated the loan.
Provides that, for purposes of the bad debt deduction for commercial banks, qualified mortgage loans shall be included in computing the percentage of outstanding loans.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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