Deval Patrick's tax increase scheme is going to be a disaster for home buyers and home owners if approved and signed into law.
For current homeowners, Patrick's proposal would eliminate the current capital gain exemption threshold for gains made in a properties value. This would result in an additional tax bill of up to $30,000.00 when a home owner or investor sold a property.
For home buyers, this is going to limit the amount of available housing inventory available for sale since this onerous tax bill will discourage property owners from listing their property for sale.
The Governor further wants to eliminate two tax credits that have been helping home owners / home buyers deal with two significant health and safety issues stemming from our older housing stock - credits to deal with upgrading of septic systems and make housing lead-paint compliant.
With the elimination of these two credits, homeowners will be less likely to take on the expensive tasks of bringing property up to compliance with the Lead Paint laws and putting children at risk for health risks from exposure to lead paint. The septic system upgrade credit helps homeowners defray the costs of expensive septic system upgrades to prevent raw and untreated waste from damaging wells and ground water.
Please join me in telling the Governor and the legislature to back off their schemes to further burden taxpayers with these ill conceived plans.