,i  #aaeth ,,congress  #ast ,session    
,h4 ,r4 #eaf  ,,in ,,the ,,house ,,of   
,,representatives  ,january #ac1        
#bjag,mr4 ,ellison introduced the       
following bill2 which was referred to   
the ,committee on ,ways and ,means  ,a  
,,bill  ,to amend the ,internal ,revenue
 ,code of #aihf to reduce the mortgage  
interest deduction relating to          
acquisition indebtedness for certain    
taxpayers4  #a4 ,short title ,this ,act 
may be cited as the ,tax ,benefit for   
,homeownership ,clarification ,act4  #b4
 ,reduction in limitation on mortgage   
interest deduction relating to          
acquisition indebtedness for certain    
taxpayers  7a7 ,acquisition indebtedness
 ,clause 7ii7 of section                
#afc7;h77#c77;,b7 of the ,internal      
,revenue ,code of #aihf is amended to   
read as follows3  7ii7 ,limitation ,the 
aggregate amount treated as acquisition 
indebtedness for any period shall not   
exceed-- 7,i7 #a1jjj1jjj in the case of 
a joint return 7#ejj1jjj in the case of 

a married individual filing a separate  
return71 and  7,,ii7 the applicable     
amount in any other case4  7iii7        
,applicable amount ,for purposes of     
clause 7ii77,,ii71 the applicable amount
 is as follows3  ,for taxable           
years--,the applicable amount is--      
,beginning in calendar year #bjahijj1jjj
 ,beginning in calendar year            
#bjaihjj1jjj ,beginning in calendar year
 #bjbjgjj1jjj ,beginning in calendar    
year #bjbafjj1jjj ,beginning in or after
 calendar year #bjbbejj1jjj4  4  7b7    
,effective date ,the amendment made by  
subsection 7a7 shall apply to amounts   
paid or incurred after ,december #ca1   
#bjag4