Income tax increase for homeowner’s bill up today — House Bill 2771
By Taxpayer Association of Oregon,
This afternoon the House Revenue Committee will be hearing an income tax increase bill for homeowners House Bill 2771. House Bill 2771 phases out allowances of itemized deductions for homeowners. This bill raises taxes on any homeowners who earns more than $50,000. For higher income earners this bill eliminates entirely one’s deduction for property taxes. This is a steep income tax tax increase for most Oregon homeowners.
The bill has no author. The politician who created this bill has remained anonymous.
The bill is also missing the 3/5th majority requirement for tax increases. All tax increase bills should require a 3/5th majority as enacted by voters who placed this rule into the constitution. This amounts to a naked violation of the state constitution.
Here is House Bill 2771 summary:
“Phases out allowance of itemized deduction for real property taxes, based on income. Disallows deduction if adjusted gross income exceeds $250,000 for joint return, or $125,000 for all others. Re-quires taxpayer to add back amounts deducted on federal return. Applies to tax years beginning on or after January 1, 2018. Takes effect on 91st day following adjournment sine die.”
Here is a copy of House Bill 2771 – click here,
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