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Doubled Income Cap and Permanent Deduction for Mortgage Insurance Premiums.

This bill doubles the income limit for claiming the mortgage insurance premium (PMI) tax deduction, raising it from $100,000 to $200,000. Furthermore, this deduction is made permanent, ensuring it will not expire in the future. These changes aim to lower homeownership costs for more middle-class families.
Key points
The income threshold for deducting mortgage insurance premiums (PMI) is raised from $100,000 to $200,000, benefiting more homeowners.
The mortgage insurance premium deduction is made permanent, providing long-term tax relief without the need for renewal.
The changes apply retroactively to taxable years beginning after December 31, 2021.
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Expired
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Additional Information
Print number: 118_S_1938
Sponsor: Sen. Hassan, Margaret Wood [D-NH]
Process start date: 2023-06-13
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Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Middle Class Mortgage Insurance Premium Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_1938.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-06-13.

What are the main provisions?

Key points include:

  • The income threshold for deducting mortgage insurance premiums (PMI) is raised from $100,000 to $200,000, benefiting more homeowners.
  • The mortgage insurance premium deduction is made permanent, providing long-term tax relief without the need for renewal.
  • The changes apply retroactively 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 Sen. Hassan, Margaret Wood [D-NH].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Taxes Real Estate