Ministerial committee okays bill making mortgage interest tax deductible

December 10, 2007 19:08


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The Ministerial Committee on Legislation authorized on Monday a bill to make interest on mortgage payments a tax-deductible expense. A number of conditions would have to be fulfilled in order to be eligible for the income tax deduction: The mortgage in question would need to be for the taxpayer's place of residence; the homeowner must not own any other residence; the mortgage must be lower than $70,000; the mortgage must constitute no more than 80 percent of the home's value, which may not exceed $200,000. The bill would also seek to assist homeowners whose income does not pass the minimum threshold for tax payment, providing them with a grant which would pay for at least 30% of the mortgage's interest.

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