Letter: USMI Joins Coalition in Support of Mortgage Insurance Premium Tax Deduction
USMI joined a broad cross-section of housing industry, advocacy, and civil rights organizations in sending letters to the House Committee on Ways and Means Chairman Jason Smith (R-MO) and Ranking Member Richard Neal (D-MA) regarding the tax treatment of mortgage insurance premiums. As tax writers assess the expiring and permanent provisions of the Tax Cuts and Jobs Act (TCJA) we encourage congressional action to support existing homeowners and prospective homebuyers by reinstating, making permanent, and expanding eligibility for the mortgage insurance premium tax deduction, which was available to eligible taxpayers from 2007 through 2021.
The tax deduction for mortgage insurance premiums has long enjoyed bipartisan support, and the coalition firmly believes this targeted deduction for the benefit of low down payment borrowers is both good tax and housing policy. We urge Congress to include the bipartisan, bicameral Middle Class Mortgage Insurance Premium Act (HR 4212, S 1938) in any end of year tax package or 2025 tax reform legislation.
Click here to read the full letter to Chairman Smith.
Click here to read the full letter to Ranking Member Neal.
