| Federal Tax Reform urged the administration to do away with the deduction and replace it with a credit d direct federal ford lending program william 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, d direct federal ford lending program william range would spread from $227,000 to $412,000. Mortgages for second homes and interest paid on home equity loans would not be eligible d direct federal ford lending program william 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 but the size of the mortgage eligible for a tax break would gradually fall. At the end of five years, d direct federal ford lending program william would be using the proposed credit. Connie Mack, a former Florida senator and chairman of the tax panel, said less than 5 percent of |
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