Heritage Homes Tax Incentive Act of 2007
Last action on Feb 8, 2007Referred to the House Committee on Ways and Means.
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Summary
Heritage Homes Tax Incentive Act of 2007 - Amends the Internal Revenue Code to grant a tax deduction (whether or not the taxpayer itemizes deductions) for 125 percent of residence interest paid or accrued on acquisition indebtedness for heritage homes. Defines a "heritage home" as a taxpayer's principal residence that is at least 50 years old and a certified historic structure in a registered historic district.
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