American Homeownership Act: Disallows deductions for interest and depreciation on certain residential properties.
The American Homeownership Act amends the Internal Revenue Code to deny interest and depreciation deductions for certain taxpayers. It prohibits deductions for interest paid on residential properties where institutional investment entities or large owners hold a majority interest. It also disallows depreciation deductions for certain real property owners. The act mandates that federal agencies and entities cannot sell or provide federally backed mortgage loans to large owners or institutional investment entities.
The filed bill text is too short for analysis.