A proposed graduated scale based on the size of homes would chop away at the federal tax deductions for mortgage interest that property owners are allowed to claim. The cutback would affect all homes larger than 3,000 square feet.
"Rep. John Dingell, D-Mich., chairman of the House Energy and Commerce Committee, wants to phase out mortgage interest write-offs for houses larger than 3,000 square feet, using a graduated scale that ends at no deductions for properties with 4,200 square feet or more."
"Although he says he recognizes that newly constructed houses may be more energy efficient than older ones, their 'sheer size, sprawl and commutes lead to dramatically more energy use - or to put it more simply, a larger carbon footprint.'"
"Under the plan, owners of 3,000- to 3,199-square-foot homes would be eligible for only 85 percent of the mortgage interest deductions they now receive. Homes of 3,600 to 3,799 square feet would lose 60 percent of the interest deductions, homes of 4,000 to 4,199 square feet would lose 90 percent and homes above 4,200 square feet would get no deductions."
"Mortgage interest write-offs are among the largest benefits in the federal tax code. The congressional Joint Committee on Taxation estimates that homeowners will take $402.7 billion in deductions between fiscal 2006 and 2010."
FULL STORY: Nation's Housing: No deduction for mortgage interest on big houses?
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