We need your help. Homeownership is under attack!
The House Committee on Revenue and the House Committee Human Services & Housing will hold hearings on bills that would seriously undermine or eliminate homeownership incentives in Oregon.
We are in the middle of a housing crisis in Oregon. The last thing we need is the elimination of incentives that make homeownership possible for the average Oregonian.
At 1:00 p.m. on Tuesday, Mar. 7th, HB 2771 was up for a hearing. The bill would raise income taxes on every homeowner earning $50,000/annually, and completely eliminate the ability to deduct property taxes for people who earn $125,000/annually. Why should homeowners have to pay taxes on money they already sent to local governments to pay their property taxes? HB 2771 is a tax on a tax!
Even worse, at 8 am on Thursday, Mar. 9th, HB 2006 was up for a hearing in the House Human Services & Housing Committee. The bill would effectively eliminate the Mortgage Interest Deduction for many Oregonians throughout the state. The Mortgage Interest Deduction has been a foundational component of homeownership since the inception of the federal tax code.
Oregonians at all income levels rely on the Mortgage Interest Deduction to afford their homes. The bill sets arbitrary income limitations on the Mortgage Interest Deduction, leaving many Oregonians to face even higher taxes to keep their homes. For our tourism-based communities, the bill removes all tax incentives to purchase vacation homes.