Washington, D.C. – U.S. Senator Mike Enzi, R-Wyo., recently co-sponsored a bill that could put money back into the pockets of as many as 32,000 Wyoming families.
Enzi and 17 other senators cosponsored a bill, S. 132, introduced by Senator Smith, R-Ore. that would allow a deduction for premiums on mortgage insurance for taxpayers making less than $100,000 per year.
“Many people are forced to purchase costly mortgage insurance when they buy a home and that isn’t generally appealing to the new home buyer. We need to do everything feasible to encourage people to buy homes,” said Enzi. “It is good for the individual family and the community. This bill affords people the opportunity to recover some of their money, money they can use to put gas in their cars and food on the table in their new home.”
Wyoming families making less than $100,000 per year and holding mortgage insurance would be able to take advantage of the deduction. The expected average annual tax savings for families nationwide would be about $200 per family. Currently, 93 percent of Wyoming’s households make less than $100,000 per year and 52 percent of Wyoming home purchase loans in 2002 were covered by insured mortgages.
“I want to assist hard working families in buying their own home and realizing the American dream of home ownership. This strengthens both the family and the community. Affordable housing is a vital part of the life of our communities.
The bill would allow individuals to claim the amount of qualified mortgage insurance premiums paid or accrued in a year as an itemized tax deduction. The bill was referred to the Senate Finance Committee.