Rep. Brownley Introduces Legislative Package to Protect Homeowners
Congresswoman
"The COVID-19 pandemic has created economic chaos for millions of American families," said Congresswoman
Mortgage Insurance Tax Deduction Act
This bill would make permanent the existing deduction for mortgage insurance premiums. This provision of the federal tax code makes it more affordable for families who need it most to purchase a home.
"Homeownership is absolutely key to helping Americans build personal wealth and to save for a secure retirement," said Congresswoman
Read the full text of the bill, here (https://juliabrownley.house.gov/wp-content/uploads/2021/04/Mortgage-Insurance-Tax-Deducation-Act.pdf).
Mortgage Debt Tax Forgiveness Act
This bill would make permanent the existing income tax exclusion for mortgage debt forgiveness. In 2007,
"Since 2007,
Read the full text of the bill, here (https://juliabrownley.house.gov/wp-content/uploads/2021/04/Mortgage-Debt-Tax-Forgiveness-Act.pdf).
Protecting Homeowners from Disaster Act
This bill will restore the tax deduction for uninsured property and casualty losses, which the harmful and misguided 2017 tax law, enacted by the previous administration, limited to only Presidentially-declared disasters. By severely limiting the deduction, the 2017 law created a striking inequity and harms thousands of American families every single year, who no longer qualify for the deduction.
Communities like
"When someone's home is destroyed by a fire, flood, tornado, or hurricane, the federal tax code should not discriminate based on whether the loss was part of a Presidentially-declared disaster," said Congresswoman
"No one knows this better than property owners in
Read the full text of the bill, here: https://juliabrownley.house.gov/wp-content/uploads/2021/04/Protecting-Homeowners-from-Disaster-Act.pdf
Bureau of Consumer Financial Protection Proposed Rule: Protections for Borrowers Affected by COVID-19 Emergency Under Real Estate Settlement Procedures Act, Regulation X
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