Mortgage Credit Certificates

About Mortgage Credit Certificates:

The Mortgage Credit Certificates (MCCS) are Certificates that entitle homebuyers to nonrefundable income tax credits for a specified percentage of the interest paid on mortgage loans on their principal residences. Governmental units may exchange annual private activity bond volume limit for the authority to issue MCCs. These certificates are subject to the same eligibility and other requirements as qualified mortgage bonds. Once issued, an MCC is in effect as long as the mortgage loan remains outstanding and the residence financed continues to be used as the MCC recipient's principal residence. IRC (check if this IRC provision is current here) §25.

See the entries Income Tax and State Income Tax in the American Encyclopedia of Law.