summary
Introduced
06/13/2023
06/13/2023
In Committee
06/13/2023
06/13/2023
Crossed Over
Passed
Dead
01/03/2025
01/03/2025
Introduced Session
118th Congress
Bill Summary
A bill to amend the Internal Revenue Code of 1986 to increase the income cap with respect to the mortgage insurance premium deduction, and to make such deduction permanent.
AI Summary
This bill amends the Internal Revenue Code of 1986 to increase the income cap for the mortgage insurance premium deduction from $100,000 ($50,000 for married filing separately) to $200,000 ($100,000 for married filing separately). Additionally, it makes the mortgage insurance premium deduction permanent, as the previous law had a provision that would have caused the deduction to expire. These changes are intended to provide tax relief to middle-class homeowners who pay mortgage insurance premiums, which can be a significant expense for those who do not have a large down payment when purchasing a home.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Read twice and referred to the Committee on Finance. (on 06/13/2023)
Bill Topics
Community Development and Housing Issues
- ‐ Housing and Real Estate Finance
Macroeconomics
- ‐ Taxation, Tax Policy, and Tax Reform
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.congress.gov/bill/118th-congress/senate-bill/1938/all-info | 06/14/2023 |
| BillText | https://www.congress.gov/118/bills/s1938/BILLS-118s1938is.pdf | 07/08/2023 |
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