Bill > HR918

This bill proposes to make permanent the tax deduction for mortgage insurance premiums in the Internal Revenue Code. Specifically, the legislation would remove a previous temporary provision (clause (iv)) that limited the mortgage insurance premium tax deduction, effectively making this tax benefit a permanent part of the tax code. Mortgage insurance premiums are typically paid by homeowners who make a down payment of less than 20% on their home, which protects lenders in case of loan default. The amendment would apply to any mortgage insurance premiums paid or accrued after December 31, 2024, providing homeowners with ongoing tax relief. By making this deduction permanent, the bill aims to provide long-term financial predictability for homeowners and potentially make home ownership more affordable by reducing the tax burden associated with mortgage insurance.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/918/all-info