HB 3349A phases out mortgage interest deduction

03/19/2019
HB 3349A
VOTE:NO
In Committee
Public Hearing
Status (overview) of bill:https://olis.leg.state.or.us/liz/2019R1/Measures/Overview/HB3349
Committee assigned to bill:https://olis.leg.state.or.us/liz/2019R1/Committees/HREV/Overview

Ask Chair Nancy Nathanson not to hold a work session: Rep.NancyNathanson@oregonlegislature.gov

SEND TESTIMONY FOR WORK SESSION TO: lro.exhibits@oregonlegislature.gov


This bill phases out mortgage interest deductions on principal residence for many Oregonians, and impairing a family’s ability to buy a home.

Personal Choice and Responsibility
Young families scrimp and save to buy their first home, knowing they could then deduct the interest on their taxes and build equity. Older workers and retirees have long depended on their ability to deduct the interest on their mortgages on their tax forms. The loss of this deduction will be a painful blow for many families.

Fiscal Responsibility
Fiscally not responsible to the lower and middle class trying to buy a home. Establishes Oregon Housing Opportunity Account. Transfers amount equal to estimated increase in revenue attributable to restrictions on deduction of mortgage interest to account. Requires Oregon Housing Stability Council to develop policies to distribute moneys from Account to promote affordable home ownership options and for programs that prevent homelessness. Applies to tax years beginning on or after January 1, 2019.

Limited Government
Oregon Department of Revenue regulations allow certain modifications or subtractions from federal taxable income for Oregon income tax filers. Examples include amounts such as interest dividends, foreign income taxes, and medical expenses of elderly individuals. House Bill 3349-A disallows specified mortgage interest deductions from Oregon personal income taxation.

Comments

  1. I have worked very, very hard all my life, I am by far not rich, middle-middle class, and with a bit of savings we have purchased a home on the coast for a retirement home. We have been trying to plan for our future, and not to end up being a “ward” of the state, being responsible instead, and now you want to tax us for this????
    Legislators, why are you destroying Oregon? You refuse to budget our money wisely, refuse to look at what you can do with the thing driving costs, PERS, yet you will punish those who work, those who sacrifice, just so you don’t have to do heavy lifting yourselves????
    It saddens me to think that this is the best that Oregon has anymore, we are bettter than this…..
    Bob Horning
    21215 NW Brunswick Canyon Rd
    North Plains, OR 97133
    503-647-0113

    14
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  2. You know what Democrats do but you elect them unanimously. So deal with it. I paid down my mortgage over the past few years seeing the handwriting on the legislation. Plus I just have a modest home, no frills. This is just the beginning, Bob. Enjoy the ride downhill to Venezuela.

    • Not all of us do John. But your right about one thing these Democrats say one thing and do another and still get the majority of the votes. Makes no sense.

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