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SENATE DOCKET, NO. 1466         FILED ON: 1/18/2013

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1425

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Bruce E. Tarr

_______________

To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
              Court assembled:

              The undersigned legislators and/or citizens respectfully petition for the passage of the accompanying:

An Act creating a private mortgage insurance tax deduction..

_______________

PETITION OF:

 

Name:

District/Address:

Bruce E. Tarr

First Essex and Middlesex

Richard J. Ross

Norfolk, Bristol and Middlesex

Ann-Margaret Ferrante

5th Essex

Michael R. Knapik

Second Hampden and Hampshire


SENATE DOCKET, NO. 1466        FILED ON: 1/18/2013

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1425

By Mr. Tarr, a petition (accompanied by bill, Senate, No. 1425) of Bruce E. Tarr, Richard J. Ross, Ann-Margaret Ferrante and Michael R. Knapik for legislation to create a private mortgate insurance tax deduction.  Revenue. 

 

[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE
                                SENATE
                            , NO. 1537 OF 2011-2012.]


The Commonwealth of Massachusetts
 

 

An Act creating a private mortgage insurance tax deduction..
 

              Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

              SECTION 1. Paragraph (a) of Part B of Section 3 of chapter 62 of the General Laws, as appearing in the 2010 Official Edition, is hereby amended by inserting after subparagraph (15) the following new subparagraph:-

              (16) (a) An amount equal to premiums paid or accrued for qualified mortgage insurance by the taxpayer during the taxable year in connection with acquisition indebtedness with respect to a primary residence.

              (b) The amount under clause (a) shall be reduced (but not below zero) by 10 percent of such amount for each $1,000 that a persons adjusted gross income for the taxable year exceeds $100,000.

              (c) Clause (a) shall not apply with respect to any mortgage insurance contracts issued before January 1, 2007.

              Section 2.  Section 1 of chapter 62 of the General Laws, as so appearing, is hereby amended by inserting after paragraph (r) the following new paragraph:-

              (s) “Qualified mortgage insurance,” shall mean private mortgage insurance, as defined within 12 U.S.C. 4901, or commonly referred to as insurance that reimburses a mortgage lender if the buyer defaults on the loan and the foreclosure sale price is less than the amount owed the lender.
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