CHLA Calls on Congress to Adopt Mortgage Interest Credit
Letter Coincides with Homeownership Month
(Washington, D.C.) – Today, the Community Home Lenders of America (CHLA) sent a letter to Congress, calling on them to begin debate, and in 2025 enact, a Mortgage Interest Credit (MIC) as it considers expiring 2017 tax provisions.
Highlights of the letter include:
- 15% tax credit (refundable) for mortgage interest payments.
- Limited to 1st-time Homebuyers.
- Cap on adjusted gross income, with credit phaseout (e.g., the credit phases out for married tax filers between $150,000 to $200,000 of adjusted gross income (AGI) [and between $75,000 to $100,000 for single filers].
- Credit can only be taken on interest on mortgage amounts up to $750,000 (current MID cap).
- No double dipping; can’t use same interest for mortgage credit and mortgage interest deduction.
CHLA aggressively advocated for a Mortgage Interest Credit (MIC) during debate on the 2017 tax bill, when it became clear the value of the mortgage interest deduction would be diminished.
Read CHLA’s letter here.