OregonRelating to tax treatment of mortgage interest; prescribing an effective date.
What it does
Disallows, for purposes of personal income taxation, the mortgage interest deduction for a residence other than the taxpayer's principal residence, unless the taxpayer sells the residence or actively markets the residence for sale. Phases out the allowable deduction for the interest for a principal residence based upon income. Disallows a deduction for a principal residence above the threshold income amount.
More detail
Establishes the Oregon Housing Opportunity Account. Transfers an amount equal to the estimated increase in revenue attributable to restrictions on the deduction of mortgage interest to the account. Applies to tax years beginning on or after January 1, 2026. Takes effect on the 91st day following adjournment sine die.
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Where it stands
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2025
- Jun 28In committee upon adjournment.Latest
- Mar 5Referred to Housing and Homelessness with subsequent referral to Revenue.Minor
- Feb 27First reading. Referred to Speaker's desk.Introduced