Letter: To The Joint Committee On Taxation To Make MI Tax Deduction Permanent & Eliminate AGI Phase Out
On April 16, USMI sent a letter to the Joint Committee on Taxation in response to the legislative proposal to make permanent the Mortgage Insurance Premium Deduction and to eliminate the Adjusted Gross Income (AGI) phase out. In the letter, USMI discussed how two key aspects of the current deduction diminish its effectiveness: (1) its temporary nature; and (2) its relatively low AGI phase out. USMI recommends modifying current law to make the deduction permanent and to eliminate the AGI phase out. Making these changes would benefit more taxpayers who are trying to buy homes and would eliminate the only itemized deduction that is subject to an AGI phase out. See the full letter here.