Rep. Kind Introduces Bipartisan Bill to Provide Relief for Middle-Class Homebuyers – InsuranceNewsNet

InsuranceNewsNet — Your Industry. One Source.™

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading Newswires
Topics
    • Life Insurance
    • Annuity News
    • Health/Employee Benefits
    • Property and Casualty
    • Advisor News
    • Washington Wire
    • Regulation News
    • Sponsored Content
    • Webinars
    • Monthly Focus
  • INN Exclusives
  • NewsWires
  • Magazine
  • Free Newsletters
Sign in or register to be an INNsider.
  • INN Exclusives
  • NewsWires
  • Magazine
  • Free Newsletters
  • Insider
  • About
  • Advertise
  • Editorial Staff
  • Contact
  • Newsletters

Get Social

  • Facebook
  • Twitter
  • LinkedIn
Newswires
Newswires RSS Get our newsletter
Order Prints
December 2, 2021 Newswires No comments
Share
Share
Tweet
Email

Rep. Kind Introduces Bipartisan Bill to Provide Relief for Middle-Class Homebuyers

Targeted News Service (Press Releases)

WASHINGTON, Dec. 2 -- Rep. Ron Kind, D-Wisconsin, issued the following news release on Dec. 1, 2021:

Reps. Ron Kind (D-WI) and Vern Buchanan (R-FL) introduced bipartisan legislation to expand eligibility for and make permanent a deduction for mortgage insurance premium payments. This deduction has helped millions of hard-working middle-class families across the country purchase a home, and making it permanent would provide much-needed relief.

To qualify for a mortgage loan, taxpayers who purchase or refinance their home with a down payment of less than 20% are typically required to have mortgage insurance and pay premiums for this insurance. More than 80% of first-time homebuyers use low down payment mortgages with some form of mortgage insurance. In 2006, Congress enacted legislation allowing a deduction for these mortgage insurance premium payments and although this provision has been extended due to its importance to middle-class homeowners, it currently remains temporary.

"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."

"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. "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."

"Making permanent the ability of homeowners to deduct mortgage insurance premiums from federal income taxes and doing so in a way that makes this important tax deduction available to more hard-working middle-class families, is smart public policy that benefits potentially millions of existing homeowners. Low down payment mortgages have proven critical for millions of low- and moderate-income, first-time, and minority borrowers to buy a home sooner, secure financial stability, and build intergenerational wealth," said U.S. Mortgage Insurers.

The deduction for mortgage insurance premium payments is limited to taxpayers under certain income levels and begins to phase out at adjusted gross income of $100,000 for joint filers and half that for married individuals filing separately. According to the latest IRS data, almost 2.3 million Americans claimed the deduction for mortgage insurance premiums in one year and making it permanent would help ensure certainty for homebuyers.

Read the bipartisan bill here: https://kind.house.gov/sites/kind.house.gov/files/20211201%20Kind%20Bill.pdf

Older

Florida Third District Court Issues Opinion Regarding Pride Clean Restoration Vs. Certain Underwriters at Lloyd's of London

Newer

Florida Third District Court Issues Opinion Regarding Resolution Claims III Vs. Heritage Property & Casualty Insurance

Advisor News

  • Banks announce dividend plansTruist, Wells Fargo, Bank of America announce dividend hike plans
  • Jerry Shenk: Social Security demagoguery
  • Rick Kahler: My state flunked financial literacy. How about yours?
  • Inflation affects each family differently
  • With retirement balances down, a Roth conversion may make sense
More Advisor News

Annuity News

  • Sammons names Kevin Mechtley to newly created product innovation role
  • Athene completes pension group annuity deal with Lockheed Martin
  • Integrity expands annuity, life insurance distribution with Annuity Agents Alliance
  • Nationwide increases roll-up rate, payout percentage on L.inc+ suite
  • Midland Retirement Distributors launches Summit Focus 3
More Annuity News

Health/Employee Benefits News

  • How will Roe v. Wade reversal impact employee health plans?
  • Jury still out on new insurance plan for Idaho schools
  • Citadel reaches $7.85M settlement over switching patients to boost Medicare payments
  • Idaho gave schools millions to buy state health insurance, but many still can’t
  • Colorado one step closer to a state-designed health insurance plan
More Health/Employee Benefits News

Life Insurance

  • Wisconsin seeks policyholders of insolvent Time Insurance Co. products
  • 4 things to know about the return of premium life insurance
  • Murdaugh, Curtis Smith hit with new SC grand jury indictments
  • Foresters Financial boosts UL crediting rate to 4.75%
  • Protective Life releases 2021 sustainability report
More Life Insurance

- Presented By -

Product Alerts by INN
Brought to you by TSR

Protect Your Clients

Discover how you can find out which life insurance and annuity carriers actually have the financial strength to back their promises to your clients long into the future.

Financial engineering and reinsurance “sleight-of-hand” are prevalent in the insurance industry today. And this risky behavior could be reducing the reserves held to protect your clients.

The TSR Ratio exposes these troubling levels of risk on some stock and private equity owned insurers’ balance sheets. And right now, you can get access to an exclusive report…

Continue reading

How to Write For InsuranceNewsNet

Find out how you can submit content for publishing on our website.
View Guidelines

FEATURED OFFERS

It’s time for John Hancock Insurance See how our cutting-edge solutions can help you grow your life insurance business. Get to know us.

Press ReleasesAll press releases

  • iPipeline® Provides Advisors Excel with Unified Path Toward Accessing Core Data Analytics in Financial Services
  • iPipeline® Adds Speed of Underwriting to Quote Engine with Ethos to Deliver Insurance to Agents in Minutes
  • National Life Will Host Annual Investor Call
  • RFP #T01622
  • OneAmerica Commits $1 Million Toward Financial Literacy
Add your Press Release >

Topics

  • Life Insurance
  • Annuity News
  • Health/Employee Benefits
  • Property and Casualty
  • Advisor News
  • Washington Wire
  • Regulation News
  • Sponsored Content
  • Webinars
  • Monthly Focus

Top Sections

  • Life Insurance
  • Annuity News
  • Health/Employee Benefits News
  • Property and Casualty News
  • AdvisorNews
  • Washington Wire
  • Insurance Webinars

Our Company

  • About
  • Editorial Staff
  • Magazine
  • Write for INN
  • Advertise
  • Contact

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter
© 2022 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • AdvisorNews

Sign in with your INNsider Account

Not registered? Become an INNsider.