{"Title":"An Act creating a private mortgage insurance tax deduction","BillNumber":"S1987","DocketNumber":"SD1847","GeneralCourtNumber":192,"PrimarySponsor":{"Id":"BET0","Name":"Bruce E. Tarr","Type":1,"Details":"https://malegislature.gov/api/GeneralCourts/192/LegislativeMembers/BET0","ResponseDate":"2021-02-18T16:31:59.09"},"Cosponsors":[{"Id":"BET0","Name":"Bruce E. Tarr","Type":1,"Details":"https://malegislature.gov/api/GeneralCourts/192/LegislativeMembers/BET0","ResponseDate":"2021-02-18T16:31:59.09"}],"JointSponsor":null,"BillHistory":"https://malegislature.gov/api/GeneralCourts/192/Documents/S1987/DocumentHistoryActions","LegislationTypeName":"Bill","Pinslip":"By Mr. Tarr, a petition (accompanied by bill, Senate, No. 1987) of Bruce E. Tarr for legislation to create a private mortgage insurance tax deduction.  Revenue.","DocumentText":"\tSECTION 1. Paragraph (a) of Part B of Section 3 of chapter 62 of the General Laws is hereby amended by inserting after subparagraph (19) the following new subparagraph:-\r\n\t(20) (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.\r\n\t(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.\r\n\t(c) Clause (a) shall not apply with respect to any mortgage insurance contracts issued before January 1, 2007.\r\n\tSECTION 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:-\r\n\t(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.\r\n","EmergencyPreamble":null,"RollCalls":[],"Attachments":[],"CommitteeRecommendations":[{"Action":"Accompanied","FiscalAmounts":[],"Committee":{"CommitteeCode":"J26","GeneralCourtNumber":192,"Details":"https://malegislature.gov/api/GeneralCourts/192/Committees/J26"},"Votes":[]}],"Amendments":[]}