Middle Class Mortgage Insurance Premium Act of 2023

Bill: 118-hr-4212
Sponsor: full_name: Rep. Buchanan, Vern [R-FL-16]
Introduced: 2023-06-20
Policy area: Taxation
Latest action: action_date: 2023-06-20
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2023-06-20
action_desc: Introduced in House
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: I 118th CONGRESS 1st Session H. R. 4212 IN THE HOUSE OF REPRESENTATIVES June 20, 2023 Mr. Buchanan (for himself and Mr. Panetta ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to increase the income cap for and make permanent the mortgage insurance premium deduction.

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, 2023.