HB 3349

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.

Status	In House Committee (HREV)
Session	2019 Regular Session
Sponsors	Alissa Keny-Guyer (Democrat) (Chief), Shemia Fagan (Democrat) (Chief), Elizabeth Steiner (Democrat) (Chief), Julie Fahey (Democrat) (Chief), Jeff Golden (Democrat) (Chief), Rob Nosse (Democrat), Sheri Schouten (Democrat), Michael Dembrow (Democrat), Lew Frederick (Democrat), James Manning Jr. (Democrat), Laurie Monnes Anderson (Democrat), Tawna Sanchez (Democrat), Tiffiny Mitchell (Democrat), Chris Gorsek (Democrat), Diego Hernandez (Democrat) (Chief), Susan McLain (Democrat), Ken Helm (Democrat), Teresa Alonso Leon (Democrat), John Lively (Democrat), Mitch Greenlick (Democrat), Barbara Smith Warner (Democrat)
Fiscal impact	Fiscal impact issued
Revenue impact	Revenue impact issued

Bill Text

Restricts mortgage interest tax deductions for second homes and phases out deductions for principal residences, directing resulting revenue to an Oregon Housing Opportunity Account.

Original Bill Text

Overview#

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 amount. Establishes Oregon Housing Opportunity Account. Transfers amount equal to estimated increase in revenue attributable to restrictions on deduction of mortgage interest to accounts in Oregon Housing Fund] account. Applies to tax years beginning on or after January 1, 2019. Takes effect on 91st day following adjournment sine die.

Legislative History

Date	Chamber	Action
2019-03-04	H	First reading. Referred to Speaker's desk.
2019-03-05	H	Referred to Human Services and Housing with subsequent referral to Revenue.
2019-03-11	H	Public Hearing held.
2019-03-18	H	Work Session held.
2019-03-20	H	Work Session held.
2019-03-25	H	Work Session held.
2019-03-25	H	Work Session held.
2019-04-01	H	Recommendation: Do pass with amendments, be printed A-Engrossed, and be referred to Revenue by prior reference.
2019-04-01	H	Referred to Revenue by prior reference.
2019-04-15	H	Public Hearing held.
2019-06-30	H	In committee upon adjournment.