summary
Introduced
03/29/2021
03/29/2021
In Committee
03/29/2021
03/29/2021
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
192nd General Court
Bill Summary
For legislation to create a private mortgage insurance tax deduction. Revenue.
AI Summary
This bill creates a new tax deduction for qualified private mortgage insurance premiums paid by taxpayers in connection with the acquisition of a primary residence. The deduction is reduced by 10% for every $1,000 that a taxpayer's adjusted gross income exceeds $100,000. The bill defines "qualified mortgage insurance" as private mortgage insurance, as defined under federal law, which reimburses a lender if the homeowner defaults on the loan and the foreclosure sale price is less than the amount owed. The deduction applies to mortgage insurance contracts issued on or after January 1, 2007.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Accompanied a study order, see H5250 (on 10/03/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/192/S1987 |
| Bill | https://malegislature.gov/Bills/192/S1987.pdf |
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