108th CONGRESS
1st Session
H. R. 1141
To amend the Internal Revenue Code of 1986 to allow a deduction to
individuals for credit card interest.
IN THE HOUSE OF REPRESENTATIVES
March 6, 2003
Mr. MEEKS of New York 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 deduction to
individuals for credit card interest.
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 `Consumer Credit Card Compensation and Economic
Incentive Act of 2003'.
SEC. 2. ALLOWANCE OF DEDUCTION FOR INDIVIDUALS FOR CREDIT CARD INTEREST.
(a) IN GENERAL- Paragraph (2) of section 163(h) of the Internal Revenue Code
of 1986 (relating to disallowance of deduction for personal interest) is amended
by striking `and' at the end of subparagraph (E), by striking the period and
inserting `, and' at the end of subparagraph (F), and by adding at the end
the following new subparagraph:
`(G) interest paid on amounts charged to a credit card during taxable
years beginning after December 31, 2002, and before January 1, 2008.'.
(b) LIMITATION- Section 163(h) of such Code is amended by adding at the end
the following new paragraph:
`(6) LIMITATION ON CREDIT CARD INTEREST- The amount of interest which may
be taken into account for purposes of paragraph (2)(G) may not exceed $5,000
for any taxable year.'.
(c) EFFECTIVE DATE- The amendments made by this Act shall apply to taxable
years beginning after December 31, 2002.
END
