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Doubling Income Cap and Making Mortgage Insurance Deduction Permanent.

This bill doubles the income threshold for homeowners to claim a tax deduction for Private Mortgage Insurance (PMI) premiums, raising the limit from $100,000 to $200,000. Furthermore, the deduction is made permanent, removing its expiration date. This provides significant, long-term tax relief for a broader range of middle-income homeowners.
Key points
The income limit for deducting PMI premiums is raised from $100,000 to $200,000 Adjusted Gross Income (AGI).
The deduction for mortgage insurance premiums is made permanent, eliminating the need for future extensions.
These changes apply to taxable years beginning after December 31, 2021.
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Additional Information
Print number: 118_HR_1384
Sponsor: Rep. Buchanan, Vern [R-FL-16]
Process start date: 2023-03-07
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Middle Class Mortgage Insurance Premium Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_1384.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-03-07.

What are the main provisions?

Key points include:

  • The income limit for deducting PMI premiums is raised from $100,000 to $200,000 Adjusted Gross Income (AGI).
  • The deduction for mortgage insurance premiums is made permanent, eliminating the need for future extensions.
  • These changes apply to taxable years beginning after December 31, 2021.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Buchanan, Vern [R-FL-16].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Taxes Real Estate