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.
This bill, known as the Home Mortgage Interest Credit Act of 2026, aims to change tax laws to provide a credit for interest paid on home mortgages. If passed, this would allow homeowners to reduce their tax bill by the amount of interest they paid on their home loans during the tax year. This could potentially benefit millions of homeowners who currently deduct mortgage interest but would instead receive a direct credit against their taxes.
The bill would primarily affect homeowners who have mortgage interest expenses. By changing the tax treatment from a deduction to a credit, it could make tax benefits more accessible and straightforward for many taxpayers. It could also simplify the tax preparation process and potentially increase the tax refund for those who qualify.
HB9555 was introduced on June 30, 2026, and has been referred to the House Committee on Ways and Means for further consideration. As of now, the bill is in its early stages, with the sponsor making introductory remarks and the bill being assigned to the relevant committee for detailed review and potential amendments.
