PRINTER'S NO. 2563
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No.
2008
Session of
2024
INTRODUCED BY KUTZ, PICKETT, CEPEDA-FREYTIZ AND ROWE,
FEBRUARY 5, 2024
REFERRED TO COMMITTEE ON FINANCE, FEBRUARY 5, 2024
AN ACT
Amending the act of March 4, 1971 (P.L.6, No.2), entitled "An
act relating to tax reform and State taxation by codifying
and enumerating certain subjects of taxation and imposing
taxes thereon; providing procedures for the payment,
collection, administration and enforcement thereof; providing
for tax credits in certain cases; conferring powers and
imposing duties upon the Department of Revenue, certain
employers, fiduciaries, individuals, persons, corporations
and other entities; prescribing crimes, offenses and
penalties," in personal income tax, further providing for
classes of income.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 303 of the act of March 4, 1971 (P.L.6,
No.2), known as the Tax Reform Code of 1971, is amended by
adding a subsection to read:
Section 303. Classes of Income.--* * *
(a.11) An amount of a premium paid for mortgage insurance
shall be deductible from taxable income on the annual personal
income tax return. The deduction shall not result in taxable
income being less than zero. For the purposes of this
subsection, the term "mortgage insurance" means insurance,
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including mortgage guaranty insurance, against the nonpayment
of, or default on, an individual mortgage or loan involved in a
residential mortgage transaction.
* * *
Section 2. The addition of section 303(a.11) of the act
shall apply to taxable years beginning after December 31, 2023.
Section 3. This act shall take effect immediately.
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