SENATE DOCKET, NO. 1466 FILED ON: 1/18/2013
SENATE . . . . . . . . . . . . . . No. 1425
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The Commonwealth of Massachusetts
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PRESENTED BY:
Bruce E. Tarr
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To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:
The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:
An Act creating a private mortgage insurance tax deduction..
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PETITION OF:
Name: | District/Address: |
Bruce E. Tarr | First Essex and Middlesex |
Richard J. Ross | Norfolk, Bristol and Middlesex |
Ann-Margaret Ferrante | 5th Essex |
Michael R. Knapik | Second Hampden and Hampshire |
SENATE DOCKET, NO. 1466 FILED ON: 1/18/2013
SENATE . . . . . . . . . . . . . . No. 1425
By Mr. Tarr, a petition (accompanied by bill, Senate, No. 1425) of Bruce E. Tarr, Richard J. Ross, Ann-Margaret Ferrante and Michael R. Knapik for legislation to create a private mortgate insurance tax deduction. Revenue. |
[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE SENATE, NO. 1537 OF 2011-2012.]
The Commonwealth of Massachusetts
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In the Year Two Thousand Thirteen
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An Act creating a private mortgage insurance tax deduction..
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
SECTION 1. Paragraph (a) of Part B of Section 3 of chapter 62 of the General Laws, as appearing in the 2010 Official Edition, is hereby amended by inserting after subparagraph (15) the following new subparagraph:-
(16) (a) An amount equal to premiums paid or accrued for qualified mortgage insurance by the taxpayer during the taxable year in connection with acquisition indebtedness with respect to a primary residence.
(b) The amount under clause (a) shall be reduced (but not below zero) by 10 percent of such amount for each $1,000 that a persons adjusted gross income for the taxable year exceeds $100,000.
(c) Clause (a) shall not apply with respect to any mortgage insurance contracts issued before January 1, 2007.
Section 2. Section 1 of chapter 62 of the General Laws, as so appearing, is hereby amended by inserting after paragraph (r) the following new paragraph:-
(s) “Qualified mortgage insurance,” shall mean private mortgage insurance, as defined within 12 U.S.C. 4901, or commonly referred to as insurance that reimburses a mortgage lender if the buyer defaults on the loan and the foreclosure sale price is less than the amount owed the lender.