Middle Class Mortgage Insurance Premium Act of 2023

Bill: 118-s-1938
Sponsor: full_name: Sen. Hassan, Margaret Wood [D-NH]
Introduced: 2023-06-13
Policy area: Taxation
Latest action: action_date: 2023-06-13
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2023-06-13
action_desc: Introduced in Senate
text: <p><strong>Middle Class Mortgage Insurance Premium Act of 2023</strong></p> <p>This bill increases the adjusted gross income threshold for the phaseout of the mortgage insurance premium tax deduction and makes such deduction permanent.</p>

tv_txt: II 118th CONGRESS 1st Session S. 1938 IN THE SENATE OF THE UNITED STATES June 13, 2023 Ms. Hassan (for herself and Mr. Tillis ) introduced the following bill; which was read twice and referred to the Committee on Finance 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.

1. Short title This Act may be cited as the Middle Class Mortgage Insurance Premium Act of 2023 . 2. Increasing the income cap for and making permanent the mortgage insurance premium deduction (a) In general (1) Section 163(h)(3)(E) of the Internal Revenue Code of 1986 is amended— (1) in clause (ii), by striking $100,000 ($50,000 and inserting $200,000 ($100,000 , and (2) by striking clause (iv). (b) Effective date The amendments made by this Act shall apply to taxable years beginning after December 31, 2021.