As someone who has seen the effect of the housing bubble as from many different angles, I don't understand why Oregon would do anything to disrupt our fragile housing recovery. I do understand the need to fund the government, but housing is not the answer. If you look at the amount of our GDP that is dependent on housing, it will show how we need a strong housing market to get our economy back on track.
Recently, the Oregon House of Representatives leadership team unveiled a plan to reduce or eliminate mortgage interest and property tax deductions. This plan (House Bill 2456-A
), passed out of the House Committee on Revenue last week by a 5 to 4 vote.
On Wednesday, the House of Representatives will be voting on House Bill 2456-A, which would limit or eliminate the Mortgage Interest Deduction for certain Oregonians.
This is just one of many proposals floating around that would reduce or eliminate the home mortgage interest deduction. If we don't stop this one, it opens up the floodgates to political schemes to grab even more money from homeowners.
This proposal targeting the Mortgage Interest Deduction is being pursued by leadership while the state is already projecting an increase in $1.7 billion in revenue.
Oregon’s housing economy is in a fragile recovery after five years of recession. We can’t afford this attack on individual Oregonians’ incomes and our neighborhoods. It’s something we simply can’t afford.
Since 1913, this valuable deduction has been an important means for all Oregonians to achieve the dream of homeownership – and to stay in their homes. It’s critical that we protect this dream and the Mortgage Interest Deduction.