The Tax Treatment of Mortgage Investment
从理论和实证角度论证，用抵押贷款利息税收抵免替代联邦税法中储蓄机构享有的坏账准备金扣除，并比较两种制度对抵押贷款投资的影响，结论是税收抵免理论上更优。
This paper examines the theoretical and empirical justifications for replacing the special bad‐debt reserve deduction currently accorded to thrifts under federal tax law with a mortgage interest tax credit. It presents the background to the recommendations of the President's Commission on Housing that such a change be employed as a short‐term tax incentive to mortgage investment and compares a system in which all mortgage investors received the bad‐debt deduction with one in which all receive a tax credit. The conclusion is that the credit is superior to the deduction on theoretical grounds although it is difficult to predict with certainty the impacts of such a change in tax policy on total mortgage investment.