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Home Mortgage Interest Credit Act of 2026
To amend the Internal Revenue Code of 1986 to allow a credit against tax for qualified residence interest paid or accrued during the taxable year, and for other purposes.
Summary
- Creates a new federal tax credit for homeowners who pay qualified mortgage interest on their principal residence.
- Allows a maximum annual credit of $2,000 for most taxpayers, or $1,000 for married individuals filing separately.
- Reduces the credit by $20 for each $1,000 of modified adjusted gross income above threshold amounts ($300,000 joint, $200,000 head of household, $150,000 other).
- Covers interest on mortgages and refinances used to acquire, construct, or substantially improve a principal residence.
- Prevents taxpayers from claiming both the mortgage interest credit and a deduction for the same interest expense.
- Applies to tax years beginning after December 31, 2026, with annual adjustments for inflation after 2027.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
Actions (3)
- Jul 14, 2026 Sponsor introductory remarks on measure. (CR H4413)
- Jun 30, 2026 Referred to the House Committee on Ways and Means. · house
- Jun 30, 2026 Introduced in House
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE HOUSE OF REPRESENTATIVES
June 30, 2026
Mr. Latimer introduced the following bill; which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to allow a credit against tax for qualified residence interest paid or accrued during the taxable year, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Home Mortgage Interest Credit Act of 2026”.
SEC. 2. CREDIT FOR QUALIFIED RESIDENCE INTEREST.
(a) In General.—Subpart A of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 25F the following new section:
“SEC. 25G. QUALIFIED RESIDENCE INTEREST.
“(a) In General.—There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the aggregate amount of qualified residence interest paid or accrued by the taxpayer during such taxable year.
“(b) Qualified Residence Interest.—For purposes of this section—
“(1) In general.—The term ‘qualified residence interest’ means any interest on acquisition indebtedness with respect to the qualified residence of the taxpayer. For purposes of the preceding sentence, the determination of whether any property is the qualified residence of the taxpayer shall be made as of the time the interest is accrued.
“(2) Acquisition indebtedness.—The term ‘acquisition indebtedness’ means any indebtedness which—
“(A) is incurred in acquiring, constructing, or substantially improving any qualified residence of the taxpayer, and
“(B) is secured by such residence. Such term also includes any indebtedness secured by such residence resulting from the refinancing of indebtedness meeting the requirements of the preceding sentence (or this sentence); but only to the extent the amount of the indebtedness resulting from such refinancing does not exceed the amount of the refinanced indebtedness.
“(3) Qualified residence.—The term ‘qualified residence’ means the principal residence (within the meaning of section
121) of the taxpayer.
“(c) Limitations.—
“(1) Dollar limitation.—
“(A) In general.—The credit allowed under subsection (a) to any taxpayer for any taxable year shall not exceed $2,000.
“(B) Married individuals filing separately.—In the case of a married individual filing a separate return, subparagraph (A) shall be applied by substituting ‘$1,000’ for ‘$2,000’.
“(C) Other individuals.—If two or more individuals who are not married own and use the same residence as their qualified residence and pay or accrue qualified residence interest with respect to such residence, the amount of the credit allowed under subsection (a) shall be allocated among such individuals in such manner as the Secretary may prescribe, except that the total amount of the credits allowed to all such individuals for any taxable year shall not exceed $2,000.
“(2) Limitation based on modified adjusted gross income.—
“(A) In general.—The amount of the credit allowed under subsection (a) for any taxable year shall be reduced (but not below zero) by $20 for each $1,000 (or fraction thereof) by which the taxpayer’s modified adjusted gross income exceeds the threshold amount. For purposes of the preceding sentence, the term ‘modified adjusted gross income’ means adjusted gross income increased by any amount excluded from gross income under section 911, 931, or 933.
“(B) Threshold amount.—For purposes of subparagraph (A), the term ‘threshold amount’ means—
“(i) $300,000 in the case of a joint return or a surviving spouse (as defined in section 2(a)),
“(ii) $200,000 in the case of a head of household (as defined in section 2(b)), and
“(iii) $150,000 in the case of a taxpayer not described in clause (i) or (ii).
“(d) Denial of Double Benefit.—No credit or deduction shall be allowed under this chapter for any qualified residence interest taken into account in determining the credit under this section.
“(e) Inflation Adjustment.—In the case of any taxable year beginning after 2027, each dollar amount in subsection (c) shall be increased by an amount equal to—
“(1) such dollar amount, multiplied by
“(2) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting ‘calendar year 2026’ for ‘calendar year 2016’ in subparagraph (A)(ii) thereof. If any increase under the preceding sentence is not a multiple of $10, such amount shall be rounded to the nearest multiple of $10.
“(f) Nonresident Alien Ineligible for Credit.—No credit shall be allowed under this section to any nonresident alien.
“(g) Regulations.—The Secretary shall issue such regulations or other guidance as may be necessary to carry out the purposes of this section.”.
(b) Clerical Amendment.—The table of sections for subpart A of part IV of subchapter A of chapter 1 of such Code is amended by inserting after the item relating to section 25F the following new item:
“Sec. 25G. Qualified residence interest.”.
(c) Effective Date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2026. <all>
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