Home > 107th Congressional Bills > H.R. 1337 (ih) To amend the Native American Languages Act to provide for the support of Native American Language Survival Schools, and for other purposes. [Introduced in House] ...

H.R. 1337 (ih) To amend the Native American Languages Act to provide for the support of Native American Language Survival Schools, and for other purposes. [Introduced in House] ...


Google
 
Web GovRecords.org








108th CONGRESS
  1st Session
                                H. R. 1336

  To amend the Internal Revenue Code of 1986 to allow a deduction for 
        premiums on mortgage insurance, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 18, 2003

Mr. Ryan of Wisconsin (for himself, Mr. Jefferson, Mr. Shaw, Mr. Lewis 
 of Georgia, Mr. English, Mr. Tanner, Mr. Foley, Mr. Cantor, Mr. Ney, 
 Mr. Green of Wisconsin, Mr. Hayes, and Mr. Radanovich) introduced the 
 following bill; which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to allow a deduction for 
        premiums on mortgage insurance, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. PREMIUMS FOR MORTGAGE INSURANCE.

    (a) In General.--Paragraph (3) of section 163(h) of the Internal 
Revenue Code of 1986 (relating to qualified residence interest) is 
amended by adding after subparagraph (D) the following new 
subparagraph:
                    ``(E) Mortgage insurance premiums treated as 
                interest.--
                            ``(i) In general.--Premiums paid or accrued 
                        for qualified mortgage insurance by a taxpayer 
                        during the taxable year in connection with 
                        acquisition indebtedness with respect to a 
                        qualified residence of the taxpayer shall be 
                        treated for purposes of this subsection as 
                        qualified residence interest.
                            ``(ii) Phaseout.--The amount otherwise 
                        allowable as a deduction under clause (i) shall 
                        be reduced (but not below zero) by 10 percent 
                        of such amount for each $1,000 ($500 in the 
                        case of a married individual filing a separate 
                        return) (or fraction thereof) that the 
                        taxpayer's adjusted gross income for the 
                        taxable year exceeds $100,000 ($50,000 in the 
                        case of a married individual filing a separate 
                        return).''.
    (b) Definition and Special Rules.--Paragraph (4) of section 163(h) 
of the Internal Revenue Code of 1986 (relating to qualified residence 
interest) is amended by adding at the end the following new 
subparagraphs:
                    ``(E) Qualified mortgage insurance.--The term 
                `qualified mortgage insurance' means--
                            ``(i) mortgage insurance provided by the 
                        Veterans Administration, the Federal Housing 
                        Administration, or the Rural Housing 
                        Administration, and
                            ``(ii) private mortgage insurance (as 
                        defined by section 2 of the Homeowners 
                        Protection Act of 1998 (12 U.S.C. 4901), as in 
                        effect on the date of the enactment of this 
                        subparagraph).
                    ``(F) Special rules for prepaid qualified mortgage 
                insurance.--Any amount paid by the taxpayer for 
                qualified mortgage insurance that is properly allocable 
                to any mortgage the payment of which extends to periods 
                that are after the close of the taxable year in which 
                such amount is paid shall be chargeable to capital 
                account and shall be treated as paid in such periods to 
                which so allocated. No deduction shall be allowed for 
                the unamortized balance of such account if such 
                mortgage is satisfied before the end of its term. The 
                preceding sentences shall not apply to amounts paid for 
                qualified mortgage insurance provided by the Veterans 
                Administration or the Rural Housing Administration.''

SEC. 2. INFORMATION RETURNS RELATING TO MORTGAGE INSURANCE.

    Section 6050H of the Internal Revenue Code of 1986 (relating to 
information returns relating to mortgage interest) is amended by adding 
at the end the following new subsection:
    ``(h) Returns Relating to Mortgage Insurance Premiums.--
            ``(1) In general.--The Secretary may prescribe, by 
        regulations, that any person who, in the course of a trade or 
        business, receives from any individual premiums for mortgage 
        insurance aggregating $600 or more for any calendar year, shall 
        make a return with respect to each such individual. Such return 
        shall be in such form, shall be made at such time, and shall 
        contain such information as the Secretary may prescribe.
            ``(2) Statement to be furnished to individuals with respect 
        to whom information is required.--Every person required to make 
        a return under paragraph (1) shall furnish to each individual 
        with respect to whom a return is made a written statement 
        showing such information as the Secretary may prescribe. Such 
        written statement shall be furnished on or before January 31 of 
        the year following the calendar year for which the return under 
        paragraph (1) was required to be made.
            ``(3) Special rules.--For purposes of this subsection--
                    ``(A) rules similar to the rules of subsection (c) 
                shall apply, and
                    ``(B) the term `mortgage insurance' means--
                            ``(i) mortgage insurance provided by the 
                        Veterans Administration, the Federal Housing 
                        Administration or the Rural Housing 
                        Administration, and
                            ``(ii) private mortgage insurance (as 
                        defined by section 2 of the Homeowners 
                        Protection Act of 1998 (12 U.S.C. 4901), as in 
                        effect on the date of the enactment of this 
                        subparagraph.''.

SEC. 3. EFFECTIVE DATE.

    The amendments made by this Act shall apply to amounts paid or 
accrued after the date of enactment of this Act in taxable years ending 
after such date.
                                 <all>

Pages: 1

Other Popular 107th Congressional Bills Documents:

1 H.R. 632 (ih) To amend the Public Health Service Act to establish an Office of Men's Health. [Introduced in House] ...
2 H.R. 2216 (rh) Making supplemental appropriations for the fiscal year ending September 30, 2001, and for other purposes. [Reported in House] ...
3 S.Res. 32 (rs) Authorizing expenditures by the Committee on Foreign Relations. [Reported in Senate] ...
4 H.R. 496 (eh) To amend the Communications Act of 1934 to promote deployment of [Engrossed in House] ...
5 H.R. 1088 (ih) To amend the Securities Exchange Act of 1934 to reduce fees collected by the Securities and Exchange Commission, and for other purposes. Fiscal year Target offsetting collection amount Fiscal year Target offsetting collection amount [Introd...
6 H.R. 2030 (ih) To prohibit issuance of a visa, or admission to the United States, of any physician who is a citizen of the People's Republic of China and who seeks to enter for the purpose of training in organ or bodily tissue transplantation. [Introduced...
7 S. 7 (is) To improve public education for all children and support lifelong learning. [Introduced in Senate] ...
8 H.R. 398 (ih) To make supplemental appropriations for fiscal year 2001 to ensure the inclusion of commonly used pesticides in State source water assessment programs, and for other purposes. [Introduced in House] ...
9 H.R. 1654 (ih) To provide for the conveyance of certain National Forest System lands to the towns of Laona and Wabeno, Wisconsin. [Introduced in House] ...
10 H.R. 428 (eh) Concerning the participation of Taiwan in the World Health Organization. [Engrossed in House] ...
11 H.R. 112 (ih) To prohibit the making, importation, exportation, distribution, sale, offer for sale, installation, or use of an information collection device without proper labeling or notice and consent. [Introduced in House] ...
12 H.Con.Res. 126 (ih) Expressing the sense of the Congress that the United States Trade Representative should investigate whether any price control program governing the cost of medication in Mexico or Canada violates any trade agreement. [Introduced in Hou...
13 H.R. 1059 (ih) To require insured depository institutions to make affordable transaction accounts available to their customers, and for other purposes. [Introduced in House] ...
14 S. 930 (is) To authorize the Secretary of the Interior to set aside up to $2 per person from park entrance fees or assess up to $2 per person visiting the Grand Canyon National Park to secure bonds for capital improvements, and for other purposes. [Introd...
15 H.R. 612 (ih) To amend title 38, United States Code, to clarify the standards for compensation for Persian Gulf veterans suffering from certain undiagnosed illnesses, and for other purposes. [Introduced in House] ...
16 H.Con.Res. 76 (ih) Authorizing the use of the East Front of the Capitol Grounds for performances sponsored by the John F. Kennedy Center for the Performing Arts. [Introduced in House] ...
17 H.R. 999 (ih) To strengthen the standards by which the Surface Transportation Board reviews railroad mergers, and to apply the Federal antitrust laws to rail carriers and railroad transportation. [Introduced in House] ...
18 H.R. 1540 (ih) To amend the Public Health Service Act to prohibit discrimination regarding exposure to hazardous substances, and for other purposes. [Introduced in House] ...
19 H.Res. 129 (ath) Designating minority membership on certain standing committees of the House. [Agreed to House] ...
20 H.R. 380 (ih) To amend the Federal Election Campaign Act of 1971 to reform the financing of campaigns for elections for Federal office, and for other purposes. [Introduced in House] ...
21 H.R. 334 (ih) To increase burdensharing for the United States military presence in the Persian Gulf region. [Introduced in House] ...
22 H.R. 1164 (ih) To amend the Omnibus Crime Control and Safe Streets Act of 1968 to dedicate certain funds for the purpose of reducing violence and hate crime against Native Americans and reducing incidents of crime on reservations, and for other purposes....
23 H.Con.Res. 127 (ih) Expressing the sense of the Congress that a commemorative postage stamp should be issued by the United States Postal Service honoring Roy Campanella, and that the Citizens' Stamp Advisory Committee should recommend to the Postmaster Ge...
24 H.R. 1544 (ih) To amend the Internal Revenue Code of 1986 to exempt State and local political committees from duplicative notification and reporting requirements made applicable to political organizations by Public Law 106-230. [Introduced in House] %%Fil...
25 H.R. 182 (rh) To amend the Wild and Scenic Rivers Act to designate a segment of the Eight Mile River in the State of Connecticut for study for potential addition to the National Wild and Scenic Rivers System, and for other purposes. [Reported in House] %%...
26 H.R. 974 (rh) To increase the number of interaccount transfers which may be made from business accounts at depository institutions, to authorize the Board of Governors of the Federal Reserve System to pay interest on reserves, and for other purposes. [Rep...
27 S. 280 (is) To amend the Agricultural Marketing Act of 1946 to require retailers of beef, lamb, pork, and perishable agricultural commodities to inform consumers, at the final point of sale to consumers, of the country of origin of the commodities. [Intro...
28 H.R. 1991 (ih) To direct the Secretary of Veterans Affairs to establish a national cemetery for veterans in the Colorado Springs, Colorado, metropolitan area. [Introduced in House] ...
29 S.Res. 45 (is) Honoring the men and women who serve this country in the National Guard and expressing condolences of the United States Senate to the family and friends of the 21 National Guardsmen who perished in the crash on March 3, 2001. [Introduced in...
30 H.R. 1840 (ih) To extend eligibility for refugee status of unmarried sons and daughters of certain Vietnamese refugees. [Introduced in House] ...


Other Documents:

107th Congressional Bills Records and Documents

GovRecords.org presents information on various agencies of the United States Government. Even though all information is believed to be credible and accurate, no guarantees are made on the complete accuracy of our government records archive. Care should be taken to verify the information presented by responsible parties. Please see our reference page for congressional, presidential, and judicial branch contact information. GovRecords.org values visitor privacy. Please see the privacy page for more information.
House Rules:

104th House Rules
105th House Rules
106th House Rules

Congressional Bills:

104th Congressional Bills
105th Congressional Bills
106th Congressional Bills
107th Congressional Bills
108th Congressional Bills

Supreme Court Decisions

Supreme Court Decisions

Additional

1995 Privacy Act Documents
1997 Privacy Act Documents
1994 Unified Agenda
2004 Unified Agenda

Congressional Documents:

104th Congressional Documents
105th Congressional Documents
106th Congressional Documents
107th Congressional Documents
108th Congressional Documents

Congressional Directory:

105th Congressional Directory
106th Congressional Directory
107th Congressional Directory
108th Congressional Directory

Public Laws:

104th Congressional Public Laws
105th Congressional Public Laws
106th Congressional Public Laws
107th Congressional Public Laws
108th Congressional Public Laws

Presidential Records

1994 Presidential Documents
1995 Presidential Documents
1996 Presidential Documents
1997 Presidential Documents
1998 Presidential Documents
1999 Presidential Documents
2000 Presidential Documents
2001 Presidential Documents
2002 Presidential Documents
2003 Presidential Documents
2004 Presidential Documents

Home Executive Judicial Legislative Additional Reference About Privacy