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Revenue Service. The President's Advisory Panel on Federal Tax Reform urged the administration to do away with the deduction and replace it with a credit worth 15 percent of interest paid during the year. They would scrap the deduction equity home loan michigan 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 $227,000 to $412,000. Mortgages equity home loan michigan 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 a equity home loan michigan but the size of the mortgage eligible for a tax break would gradually fall. At the end of five years,
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