Text of Senate Amendment 4346

Text of Senate Amendment 4346

Congressional Record, Volume 172 Issue 42 (Thursday, March 5, 2026) [Congressional Record Volume 172, Number 42 (Thursday, March 5, 2026)] [Senate] [Page S890] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] SA 4346. Mr. MERKLEY (for himself and Mr. Hawley) submitted an amendment intended to be proposed to amendment SA 4308 proposed by Mr. Scott of South Carolina (for himself and Ms. Warren) to the bill H.R. 6644, a bill to increase the supply of housing in America, and for other purposes; which was ordered to lie on the table; as follows: On page 301, between lines 6 and 7, insert the following: (g) Disallowance of Certain Deductions for Large Institutional Investors.-- (1) Mortgage interest.-- (A) In general.--Section 163 of the Internal Revenue Code of 1986 is amended by redesignating subsection (n) as subsection (o) and by inserting after subsection (m) the following new subsection: ``(n) No Deduction for Large Institutional Investors.--No deduction shall be allowed under this chapter with respect to interest paid or accrued by a large institutional investor (as defined in section 901(a)(4) of the 21st Century ROAD to Housing Act).''. (2) Depreciation.--Section 167 of the Internal Revenue Code of 1986 is amended by redesignating subsection (i) as subsection (j) and by inserting after subsection (h) the following new subsection: ``(i) No Deduction for Large Institutional Investors.--No deduction shall be allowed under this section with respect to any property held by a large institutional investor (as defined in section 901(a)(4) of the 21st Century ROAD to Housing Act).''. (3) Effective date.--The amendments made by this subsection shall apply to taxable years beginning after the date that is 5 years after the date of the enactment of this Act. ______