S 1187 · 100th Congress · Taxation
Residential Lot Interest Expense Conforming Act of 1987
Bill Progress
✓
Introduced2
Committee3
Senate Vote4
House5
EnactedLatest: Read twice and referred to the Committee on Finance.(1987-05-12)
Plain Language Summary
[AI summary unavailable — showing source text]
Residential Lot Interest Expense Conforming Act of 1987 - Amends the Internal Revenue Code to treat a residential lot as a qualified residence for purposes of the mortgage interest income tax deduction when the taxpayer has purchased such lot for the purpose of building a dwelling unit. Provides for recapture if the lot is used in a trade or business or held for investment.…
Summarized by Claude AI · Non-partisan · For informational purposes only
Cosponsors (3)
1 Democrat2 Republicans