OR SB852 | 2021 | Regular Session

Status

Spectrum: Partisan Bill (Democrat 5-0)
Status: Introduced on March 17 2021 - 25% progression
Action: 2021-05-03 - Public Hearing Cancelled.
Pending: Senate Finance and Revenue Committee
Text: Latest bill text (Introduced) [PDF]

Summary

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.

Tracking Information

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Title

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

Sponsors


Roll Calls

2021-04-08 - Senate - Senate Committee Do pass and refer to Finance and Revenue by prior reference (Y: 3 N: 2 NV: 0 Abs: 0) [PASS]

History

DateChamberAction
2021-05-03SenatePublic Hearing Cancelled.
2021-04-16SenateReferred to Finance and Revenue by prior reference.
2021-04-16SenateRecommendation: Do pass and be referred to Finance and Revenue by prior reference.
2021-04-08SenateWork Session held.
2021-04-01SenatePublic Hearing held.
2021-03-17SenateReferred to Housing and Development, then Finance and Revenue.
2021-03-17SenateIntroduction and first reading. Referred to President's desk.

Oregon State Sources


Bill Comments 750

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