Bill Text: MA S1371 | 2009-2010 | 186th General Court | Introduced
Bill Title: Create a private mortgate insurance tax deduction
Sponsorship: Partisan Bill (Republican 1)
Status: (Introduced - Dead) 2009-01-20 - Public Hearing date 7/22 at 10:00 AM in Hearing Room B2 [S1371 Detail]
Download: Massachusetts-2009-S1371-Introduced.html
The Commonwealth of Massachusetts
_______________
PRESENTED BY:
Richard R. Tisei
_______________
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 passage of the accompanying bill:
An Act creating a private mortgate insurance tax deduction.
_______________
PETITION OF:
|
Name: |
District/Address: |
|
Richard R. Tisei |
Middlesex and Essex |
|
Bruce E. Tarr |
First Essex and Middlesex |
|
Michael R. Knapik |
Second Hampden and Hampshire |
|
Robert L. Hedlund |
Plymouth and Norfolk |
|
Scott P. Brown |
Norfolk, Bristol and Middlesex |
[SIMILAR MATTER FILED IN PREVIOUS
SESSION
SEE SENATE, NO. S01830 OF 2007-2008.]
The Commonwealth of
Massachusetts
_______________
In the Year Two Thousand and Nine
_______________
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 2004 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 (o) the following new paragraph:-
(p) �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.
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