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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.
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.
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.