| 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 $227,000 to $412,000. Mortgages for second federal home improvement loan 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 a deduction federal home improvement loan the size of the mortgage eligible for a tax break would gradually fall. At the end of five years, everyone would be using the proposed credit. federal home improvement loan 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 federal home improvement loan a new tax benefit defraying the cost of housing. Still, at more than 6% per year, those prices have escalated more than double the rate of inflation over that period. There is no question that the lack of new-home building in many parts of the country has contributed to rapid run-ups in prices for existing homes; it's federal home improvement loan coincidence that some of the cities that make it most difficult for home builders to bring new land to market are also the cities that have shown federal home improvement loan steepest existing-home price gains of late. Even though they make their money by building and selling houses, the home builders may soon see it as a blessing that they don't |
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