[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 1416 Introduced in Senate (IS)]







110th CONGRESS
  1st Session
                                S. 1416

   To amend the Internal Revenue Code of 1986 to make permanent the 
               deduction for mortgage insurance premiums.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 16, 2007

Mr. Smith (for himself, Mrs. Lincoln, Mrs. Dole, Mr. Allard, Mr. Kohl, 
  Mr. Dodd, Mr. Ensign, and Mr. Levin) introduced the following bill; 
     which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
   To amend the Internal Revenue Code of 1986 to make permanent the 
               deduction for mortgage insurance premiums.

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

SECTION 1. PERMANENT DEDUCTION FOR MORTGAGE INSURANCE PREMIUMS.

    (a) In General.--Subparagraph (E) of section 163(h)(3) of the 
Internal Revenue Code of 1986 (relating to mortgage insurance premiums 
treated as interest) is amended by striking clause (iv).
    (b) Effective Date.--The amendment made by this section shall apply 
to amounts paid or accrued after December 31, 2007, and to amounts 
properly allocable to any period after such date.
                                 <all>