[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 149 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 149

  To amend the Internal Revenue Code of 1986 to allow a deduction for 
                premiums on private mortgage insurance.


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                    IN THE HOUSE OF REPRESENTATIVES

                            January 3, 2001

 Mr. Pascrell introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to allow a deduction for 
                premiums on private mortgage insurance.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. PREMIUMS ON PRIVATE MORTGAGE INSURANCE.

    (a) In General.--Paragraph (3) of section 163(h) of the Internal 
Revenue Code of 1986 (relating to qualified residence interest) is 
amended by adding at the end the following new subparagraph:
                    ``(E) Private mortgage insurance premiums treated 
                as interest.--Premiums paid or accrued for private 
                mortgage insurance (as defined by section 2 of the 
                Homeowners Protection Act of 1998 (12 U.S.C. 4901), as 
                in effect on the date of the enactment of this 
                subparagraph) by a taxpayer in connection with 
                indebtedness with respect to a qualified residence of 
                the taxpayer shall be treated for purposes of this 
                subsection as qualified residence interest.''
    (b) Effective Date.--The amendment made by this section shall apply 
to premiums paid after December 31, 2000.
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