II 110th CONGRESS 1st Session S. 1416 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.

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.