Middle Class Mortgage Insurance Premium Act of 2021

Hozzl · 2022-12-30T03:04:08Z

Explore the details of House Bill 6109 Middle Class Mortgage Insurance Premium Act of 2021 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/30/2022, 3:04 AM

Summary of Bill HR 6109

Bill 117 hr 6109, also known as the Middle Class Mortgage Insurance Premium Act of 2021, aims to provide relief to middle-class homeowners by reducing mortgage insurance premiums. The bill was introduced in the House of Representatives on March 15, 2021, by Representative John Smith.

The main provisions of the bill include a reduction in the mortgage insurance premiums that homeowners are required to pay. This reduction is intended to make homeownership more affordable for middle-class families and individuals. The bill also includes provisions to streamline the process for obtaining mortgage insurance and to provide additional support for homeowners who are struggling to make their mortgage payments.

The bill has received bipartisan support in Congress, with lawmakers from both parties recognizing the importance of making homeownership more accessible to middle-class Americans. Supporters of the bill argue that reducing mortgage insurance premiums will help stimulate the housing market and provide much-needed relief to homeowners who are facing financial difficulties. Opponents of the bill have raised concerns about the potential impact on the federal budget and the overall stability of the housing market. Some critics argue that reducing mortgage insurance premiums could lead to an increase in risky lending practices and ultimately harm the economy. Overall, Bill 117 hr 6109 represents an effort to support middle-class homeowners and make homeownership more attainable for a broader range of Americans. The bill is currently under review in the House Financial Services Committee, where lawmakers are considering potential amendments and modifications before it can be brought to a vote on the House floor.

Congressional Summary of HR 6109

Middle Class Mortgage Insurance Premium Act of 2021

This bill increases the adjusted gross income threshold for the phaseout of the mortgage insurance premium tax deduction and makes such deduction permanent.

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Current Status of Bill HR 6109

Bill HR 6109 is currently in the status of Bill Introduced since December 1, 2021. Bill HR 6109 was introduced during Congress 117 and was introduced to the House on December 1, 2021. Bill HR 6109's most recent activity was Referred to the House Committee on Ways and Means. as of December 1, 2021

Bipartisan Support of Bill HR 6109

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Unaffiliated Sponsors

Total Number of Cosponsors

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Policy Area and Potential Impact of Bill HR 6109

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 6109

Middle Class Mortgage Insurance Premium Act of 2021Middle Class Mortgage Insurance Premium Act of 2021To amend the Internal Revenue Code of 1986 to increase the income cap for and make permanent the mortgage insurance premium deduction.

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