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MI tax deductibility considered by CongressMortgagePress.comHR 1813, federal tax deduction for mortgage insurance premiums A bipartisan coalition of legislators has introduced a bill, HR 1813, to make permanent the federal tax deduction for mortgage insurance premiums for borrowers making $109,000 per year or less. "The proposed legislation making the cost of mortgage insurance tax deductible beyond 2007 will help low- and moderate-income Americans overcome barriers to homeownership," said Steve Smith, CEO of The PMI Group Inc. "Mortgage insurance offers individuals and families a simple, safe and smart way to buy a home with a low down payment, and that is especially important in this economic climate." The cost of mortgage insurance was made tax deductible for the first time for transactions closed in 2007. Borrowers with adjusted gross incomes below $100,000 may deduct 100 percent of their mortgage insurance premiums paid between Jan. 1 and Dec. 31. Deductions are phased out at 10 percent increments for borrowers with annual adjusted gross incomes between $100,000 and $109,000. HR 1813 was introduced jointly by Reps. Sander Levin and Paul Ryan, with Reps. Shelley Berkley, Dave Camp, Eric Cantor, Joe Crowley, Rahm Emanuel, Phil English, Wally Herger, John Lewis, Ron Lewis, Paul Ryan, Allyson Y. Schwartz, John S. Tanner and Jerry Weller. For more information, visit www.house.gov.