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Maryland May Eliminate Mortgage Interest Deduction

Crofton Real Estate Q&A

Q.  I’ve read there’s a bill before the Maryland Legislature to eliminate the mortgage interest deduction.  What can I do to fight this? 

A.  The budget proposed by Governor O’Malley eliminates the mortgage interest deduction for all Marylanders who itemize and make more than $100,0000. If this budget is passed by the Maryland Legislature, Maryland will become one of the first states in our nation to eliminate the mortgage interest deduction and help lead the way toward its elimination from our federal taxes. 

Instead of introducing the proposal as a separate Bill, the Governor included it in the Budget Reconciliation and Financing Act (BRFA). This means there won’t be any hearing at which home owners and real estate professionals can testify.

The mortgage interest deduction, combined with the deduction for real estate taxes, account for almost 70% of all deductions taken by Marylanders who itemize their taxes. Can you afford to lose this benefit of home ownership in today’s economic environment, when your home value has probably declined and your job security is at risk?

Maryland State House Dome - COPYRIGHT M. WodaHere’s what you can do:

1.  Write and call your legislators and tell them you oppose this bill. Tell your friends to write and call them. To find out which legislators represent you, click here and enter your property address. To contact them, click here

2.  Attend a rally on Wednesday, February 29, from 9– 11 a.m. at the State Capitol Building in Annapolis. For parking information, click here. 

PLEASE NOTE: This will be a professional, peaceful rally and it is important for everyone to abide by rules set forth by the Department of Government Services Police.

As legislators pass through Lawyer’s Mall, there must be a clear, unobstructed path.  Courtesy is a must!  Only hand-held signs are allowed – NO STICKS on any signage. Absolutely NO firearms/weapons of any sort, unless authorized by permit to carry.

Write, call, rally –  these are your only options for pressuring the State Legislature regarding the mortgage interest deduction, since there won’t be any hearings on this matter. Our elected officials need to hear the outrage of homeowners, not just real estate professionals.  Please make yourself heard! Let them know this issue has the potential to force them out of office at the next election.

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