More middle-class homebuyers benefit under Buchanan’s bipartisan bill

U.S. Rep. Vern Buchanan (R-FL) recently unveiled bipartisan legislation that would amend the Internal Revenue Code of 1986 to increase the income cap for and make permanent the mortgage insurance premium deduction in an effort to help middle-class homebuyers.

“At a time when many Americans are still struggling to recover economically, this legislation will provide much-needed relief to millions of low-and middle-income families in Florida and across the country looking to purchase a home,” said Rep. Vern Buchanan last week.

The Middle Class Mortgage Insurance Premium Act of 2021, H.R. 6109, which Rep. Buchanan cosponsored with bill sponsor U.S. Rep. Ron Kind (D-WI), would make permanent legislation enacted in 2006 by Congress allowing a deduction for mortgage insurance premium payments. The provision has been extended but currently remains temporary, according to information provided by the lawmakers.

“Making this deduction on mortgage insurance premium payments permanent and giving hard-working Wisconsin families some breathing room is long overdue,” said Rep. Ron Kind. “I’m proud to introduce this bipartisan legislation to make sure we stop kicking the can down the road on this important deduction.”

U.S. Mortgage Insurers endorsed H.R. 6109, which has been referred to the U.S. House Ways and Means Committee for consideration.

“I look forward to working with Rep. Kind to make this important tax break permanent and ensuring that the goal of homeownership is still attainable for working-class families,” Rep. Buchanan said.