Mortgage Insurance Tax Deduction Act of 2025
3/5/2025, 5:08 AMSummary of Bill HR 918
Bill 119 HR 918, also known as the Mortgage Insurance Deduction Permanency Act, aims to amend the Internal Revenue Code of 1986 to make the deduction for mortgage insurance premiums permanent.Mortgage insurance is typically required for homebuyers who make a down payment of less than 20% on their home purchase. This insurance protects the lender in case the borrower defaults on the loan. Currently, homeowners are able to deduct the cost of their mortgage insurance premiums from their taxable income, but this deduction is set to expire at the end of 2021.
If passed, this bill would make the deduction for mortgage insurance premiums permanent, providing homeowners with continued financial relief. This deduction can be especially beneficial for middle and lower-income families who rely on mortgage insurance to afford homeownership. Supporters of the bill argue that making this deduction permanent would help promote homeownership and make it more affordable for a wider range of Americans. However, opponents may argue that this deduction primarily benefits higher-income individuals who can afford to buy homes with smaller down payments. Overall, Bill 119 HR 918 seeks to provide long-term financial relief for homeowners who rely on mortgage insurance, potentially making homeownership more accessible for many Americans.
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Current Status of Bill HR 918
Bill HR 918 is currently in the status of Bill Introduced since February 4, 2025. Bill HR 918 was introduced during Congress 119 and was introduced to the House on February 4, 2025. Bill HR 918's most recent activity was Referred to the House Committee on Ways and Means. as of February 4, 2025Bipartisan Support of Bill HR 918
Total Number of Sponsors
2Democrat Sponsors
2Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 918
Primary Policy Focus
Alternate Title(s) of Bill HR 918
To amend the Internal Revenue Code of 1986 to make permanent the deduction for mortgage insurance premiums.To amend the Internal Revenue Code of 1986 to make permanent the deduction for mortgage insurance premiums.Comments
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Sponsors and Cosponsors of HR 918
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