| deduction and replace it with a credit worth 15 percent of interest paid during the year. They would ga home improvement loan 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 ga home improvement loan place today, that range would spread from $227,000 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, ga home improvement loan 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, everyone would be using the proposed credit. Connie Mack, a former ga home improvement loan 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 ga 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 |
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