| Reform urged the administration to do away 1st horizon mortgage the deduction and replace it with a credit worth 15 percent of interest paid during the year. They would scrap the deduction for property taxes, too. If enacted, mortgages eligible for the tax break would be limited by a formula reflecting the average regional price of housing. If in place today, that range would spread from 1st horizon mortgage to $412,000. Mortgages for second homes and interest paid on home equity loans would not be eligible for the credit. Taxpayers who currently own homes would have five years before they had to use the new credit. During that period of transition, a taxpayer could still take 1st horizon mortgage deduction but the size of the mortgage eligible for a tax break would 1st horizon mortgage fall. At the end of five years, everyone would be using the proposed credit. Connie Mack, a former Florida senator and chairman of the tax panel, said less than 5 percent of mortgages in the nation exceed the proposed cap. ``It is a fair plan. It shares the benefits,'' he said. For homeowners with a small mortgage who don't itemize their deductions, the credit means a new tax benefit defraying the cost of 1st horizon mortgage Still, at more than 6% per year, those prices have escalated |
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