Home Mortgage Interest Credit Act of 2026

This bill would create a federal income tax credit equal to the mortgage interest a taxpayer pays on a loan used to buy, build, or substantially improve their main home. The credit would be capped at $2,000 per year ($1,000 for married people filing separately), with unmarried co-owners sharing one $2,000 limit. The credit would shrink by $20 for each $1,000 of income above $300,000 for joint filers, $200,000 for heads of household, and $150,000 for other filers. Taxpayers could not also claim a deduction for the same interest, nonresident aliens could not claim the credit, and dollar amounts would be adjusted for inflation after 2027. The credit would apply to tax years beginning after December 31, 2026.

Full text and official record on Congress.gov

Sponsors

• George Latimer Democrat sponsor
• 0 cosponsors