bank one home equity line of credit
expensive market,'' he said. Because the panel would convert the deduction to a credit, taxpayers who pay income tax at marginal rates over bank one home equity line of credit percent will see their benefits shrink. Almost 36 million taxpayers claimed the deduction in 2003, according to the most recent statistics compiled by the Internal Revenue Service. The President's Advisory Panel on Federal Tax bank one home equity line of credit 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 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 bank one home equity line of credit 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 bank one home equity line of credit 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, everyone would be using the bank one home equity line of credit credit. Connie Mack, a former Florida senator and chairman of the tax panel, said less than 5 percent
bank one home equity line of credit
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