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DEBATE: Middle Class Mortgage Insurance Premium Act of 2022


SWMissourian
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Debate begins for 72 hours. 

Representative DRAKE, for himself (and with thanks to Senator HASSAN), introduced the following bill: 

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.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the “Middle Class Mortgage Insurance Premium Act of 2022”.

SEC. 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.

Christopher Drake

Republican, NY-2

Speaker of the United States House of Representatives

Former Chief Administrator - Rounds 4 & 5, Evil Arch-Conservative, Frequent Republican Player

 

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