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House GOP eyes mortgage interest deduction

Speaker of the House Paul Ryan, R-Wis., walks to a meeting with House Republicans at the Capitol in Washington, Wednesday, Oct. 11, 2017. (AP Photo/J. Scott Applewhite)
Speaker of the House Paul Ryan, R-Wis., walks to a meeting with House Republicans at the Capitol in Washington, Wednesday, Oct. 11, 2017. (AP Photo/J. Scott Applewhite) Speaker of the House Paul Ryan, R-Wis., walks to a meeting with House Republicans at the Capitol in Washington, Wednesday, Oct. 11, 2017. (AP Photo/J. Scott Applewhite)

By Associated Press 2 min read

WASHINGTON (AP) — The Latest on the tax overhaul from House Republicans (all times local):

9:45 a.m.

House Republicans are proposing to place new limits on the tax deduction for mortgage interest in their soon-to-be-released overhaul.

A summary of the plan says it would reduce the cap on the popular deduction to interest on mortgages of $500,000 for newly purchased homes. The current mortgage cap is $1 million.

The idea is sure to generate opposition from the real estate lobby, but it’s being used to help pay for tax cuts elsewhere in the plan.