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 private mortgage insurance tax deduction. Specifically, it allows taxpayers to deduct the premiums paid or accrued for qualified mortgage insurance, which refers to private mortgage insurance that reimburses a lender if a buyer defaults on their loan and the foreclosure sale price is less than the amount owed. However, this deduction is phased out for taxpayers with adjusted gross incomes above $100,000. The bill also specifies that the deduction only applies to mortgage insurance contracts issued on or after January 1, 2020.
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/S1981 |
| Bill | https://malegislature.gov/Bills/192/S1981.pdf |
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