Oregon House Bill 2578 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Democrat 6-0)
Status: Failed on June 26 2021 - 100% progression
Action: 2021-06-26 - In committee upon adjournment.
Text: Latest bill text (Introduced) [PDF]

Disallows, for purposes of personal income taxation, mortgage interest deduction for residence other than taxpayer's principal residence, unless taxpayer sells residence or actively markets residence for sale. Disallows, for purposes of personal income taxation, mortgage interest deduction for residence other than taxpayer's principal residence, unless taxpayer sells residence or actively markets residence for sale. Phases out allowable deduction for interest for principal residence based upon income. Disallows deduction for principal residence above threshold income amount. Establishes Oregon Housing Opportunity Account. Transfers amount equal to estimated increase in revenue attributable to restrictions on deduction of mortgage interest to account. Applies to tax years beginning on or after January 1, 2022. Takes effect on 91st day following adjournment sine die.

Relating to tax treatment of mortgage interest; prescribing an effective date.

Rep. Khanh Pham [D]	Rep. Julianne Fahey [D]	Sen. Michael Dembrow [D]	Sen. Wlnsvey Campos [D]
Rep. Andrea Valderrama [D]	Sen. Jeffrey Golden [D]

Date	Chamber	Action
2021-06-26	House	In committee upon adjournment.
2021-03-11	House	Public Hearing held.
2021-01-19	House	Referred to Housing with subsequent referral to Revenue.
2021-01-11	House	First reading. Referred to Speaker's desk.

Type	Source
Summary	https://olis.oregonlegislature.gov/liz/2021R1/Measures/Overview/HB2578
Text	https://olis.oregonlegislature.gov/liz/2021R1/Downloads/MeasureDocument/HB2578/Introduced