Statement: Introduction of the Middle Class Mortgage Insurance Premium Act
WASHINGTON—Seth Appleton, President of U.S. Mortgage Insurers (USMI), released the following statement following the bipartisan introduction of the Middle Class Mortgage Insurance Premium Act (H.R. 2760) by Committee on Ways and Means Vice Chairman Vern Buchanan (R-FL), Representative Jimmy Panetta (D-CA), and 9 other original cosponsors:
“USMI strongly supports the Middle Class Mortgage Insurance Premium Act, common-sense legislation that would restore, make permanent, and expand eligibility for the tax deduction for mortgage insurance (MI) premiums. From 2007 until its expiration in tax year 2021, the MI premium deduction was claimed 44.5 million times, representing a combined $64.7 billion in deductions for hardworking homeowners – an average annual deduction of $1,454 per qualified taxpayer. Unfortunately, its expiration has deprived millions of low- and moderate-income taxpayers from benefitting from this deduction in recent years. The Middle Class Mortgage Insurance Premium Act is a positive step towards putting money back in the pockets of taxpayers and making homeownership more affordable for American families.
This targeted tax policy has long enjoyed strong bipartisan support, as well as support from a diverse coalition of industry groups, consumer advocates, and civil rights organizations. We commend Representatives Buchanan and Panetta for their continued leadership on this issue and urge Congress to pass the bill as part of its holistic examination of the tax code during the reconciliation process.”
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U.S. Mortgage Insurers (USMI) is dedicated to a housing finance system backed by private capital that enables access to housing finance for borrowers while protecting taxpayers. Mortgage insurance offers an effective way to make mortgage credit available to more people. USMI is ready to help build the future of homeownership. Learn more at www.usmi.org.
