Gov. O'Malley
An overlooked feature in Maryland Gov. O'Malleys proposed budget would change the tax benefit homeowners currently receive. According to the Maryland Association of Realtors, "Under the Governor’s proposed Budget Reconciliation and Financing Act of 2012 (BRFA, HB 87/SB 152), Maryland would be the first state to scale back the most important tax benefit that homeowners receive – this is NOT an honor MARYLANDERS want!
The BRFA bill would reduce the mortgage interest deduction and the deductibility of state and local property taxes for manyMaryland homeowners.
For nearly 100 years, the tax code has protected mortgage interest deductibility.
Under the proposal, if a Maryland taxpayer’s federal adjusted gross income exceeds $100,000; then single taxpayer’s itemized deductions would decrease by 10% when calculating Marylandtaxable income – that’s an INCREASE in your Marylandtaxable base! Taxpayers with adjusted gross income over $200,000 would see their deductions decrease by 20%!
Because housing and real estate account for over 20% of Maryland’s gross state product, more tax burdens on real estate and homeowners will only further hurt Maryland’s economic recovery.
The mortgage interest deduction and the deductibility of state and local property taxes account for almost 70% of total deductions claimed by Maryland taxpayers – vital incentives for a strong housing/real estate market recovery.
With so many Marylanders facing diminished homeowner equity and/or underwater mortgages, this proposal would do more harm than good!
Please help save MD’s MID (Mortgage Interest Deduction), URGE your legislators to OPPOSE the Governor’s BRFA Bill. Many thanks for your advocacy efforts!"
I encourage everyone oppossed to this bill to contact your local legislature. The people of Maryland have a voice and they should use it to let O'Malley know the interest deduction on a mortgage can not be tampered with today, tomorrow or ever.
You can locate your legistlative representative using this link FIND MY LEGISLATIVE REPRESENTATIVE
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