Where is that in the bill?
-- It's in the CATO Institute version of the plan.
-- It's in the CATO Institute version of the plan.
Provisions to allow NRST financing in mortgage debt have also been included in the most recent version of the Fair Tax Act:
H.R.25Fair Tax Act of 2003 (Introduced in House) `CHAPTER 2--CREDITS; REFUNDS
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Assures lending institutions are made whole in regards NRST with mortgage defaults, providing the protections needed by lenders for extending coverage of tax as well as the principal in a mortgage.
The NRST credit converts the default property back to a business use status eligible for sale or rental with collection of NRST.