SB 976
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 Senate Committee (SFR) |
| Sponsors | Kayse Jama (Democrat) (Chief), Jeff Golden (Democrat) (Chief), Julie Fahey (Democrat) (Chief), Khanh Pham (Democrat) (Chief) |
| Fiscal impact | May have fiscal impact, but no statement yet issued |
| Revenue impact | May have revenue impact, but no statement yet issued |
Bill Text
Restricts mortgage interest deductions for non-principal residences and phases out deductions for principal residences based on income, with revenue directed to a Housing Opportunity Account.
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 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, 2024. Takes effect on 91st day following adjournment sine die.
Public Testimony
| Name | Organization | Position | Date |
|---|---|---|---|
| Michael Andersen | Sightline Institute | Support | 2023-03-31 |
| Dave Peticolas | Portland | Support | 2023-03-31 |
| Jonathan Greenwood | Portland | Support | 2023-03-31 |
| Paul Runge | Portland | Support | 2023-04-01 |
| Anders Hart | Portland | Support | 2023-04-01 |
| peter hall | haines | Support | 2023-04-02 |
| Tom Cusack | Lake Oswego | Support | 2023-04-03 |
| Chris Bonner | Oregon Realtor | Support | 2023-04-03 |
| Ann Burton | PORTLAND | Support | 2023-04-05 |
| Donna Cohen | Portland | Support | 2023-04-05 |
| Gabriele Hayden | Eugene | Support | 2023-04-05 |
| Judy Froemke | Portland | Support | 2023-04-07 |
| Dan Bryant | Eugene | Support | 2023-04-07 |
| Debbie Aiona | League of Women Voters of Oregon | Support | 2023-04-07 |
| Jenna Smith | Wallowa | Oppose | 2023-04-08 |
| John Elizalde | Portland | Support | 2023-04-08 |
| Suzanne Kosanke | Portland | Support | 2023-04-08 |
| Donna Torres | Douglas County Resident | Oppose | 2023-04-08 |
| Cynthia Yee | Portland | Support | 2023-04-08 |
| Tom Cotter | Portland | Support | 2023-04-08 |
| Katherine Foldes | Cedar Mill | Support | 2023-04-08 |
| Emily Herbert | Portland | Support | 2023-04-09 |
| Teresa Goodell | Aloha | Support | 2023-04-09 |
| Linda Fields | Portland | Support | 2023-04-09 |
| Penelope Ryan | Salem | Oppose | 2023-04-10 |
| Rich Rohde | Ashland | Support | 2023-04-10 |
| Nikolai Ursin | Portland | Support | 2023-04-10 |
| Peter Hainley | CASA of Oregon | Support | 2023-04-10 |
| Love Jonson | Portland | Support | 2023-04-10 |
| Rachael Duke | Community Partners for Affordable Housing | Support | 2023-04-10 |
| Kari McGee | Living Room Realty | Support | 2023-04-10 |
| Carol Loesche | Bend | Support | 2023-04-10 |
| Jean Powers | Beaverton | Support | 2023-04-11 |
| Susan Lacer | Florence | Support | 2023-04-11 |
| Molly Rogers | City of Portland | Support | 2023-04-11 |
| Mary King | Portland | Support | 2023-04-11 |
| Lauren Clark | Portland | Support | 2023-04-11 |
| Tonya Brumley | Dufur | Oppose | 2023-04-11 |
| Erick Oshel | Florence | Support | 2023-04-11 |
| Tony Helbling | CANBY | Oppose | 2023-04-11 |
| Delbert Phelps | Florence | Oppose | 2023-04-11 |
| Trisha Patterson | Philomath | Support | 2023-04-11 |
| Ashley Brittner | Lake Oswego | Oppose | 2023-04-11 |
| Estella Casto | PORTLAND | Support | 2023-04-11 |
| Matthew Tuckerbaum | Portland | Support | 2023-04-11 |
| Molly Hogan | Welcome Home Coalition | Support | 2023-04-11 |
| Beth Jacobi | Saving Grace of Central Oregon | Support | 2023-04-11 |
| Nick Sauvie | ROSE Community Development | Support | 2023-04-11 |
| David Groff | Oregon Coalition of Christian Voices | Support | 2023-04-11 |
| Sherri McPherson | Oregon Society of Certified Public Accountants | Oppose | 2023-04-11 |
| Kathy Stone | Florence | Oppose | 2023-04-11 |
| Carver Oblander | Portland | Support | 2023-04-11 |
| Loren Naldoza | Oregon Housing Alliance | Support | 2023-04-11 |
| David Welton | Bend YIMBY | Support | 2023-04-11 |
| tim cowan | salem | Oppose | 2023-04-11 |
| Alexis Ames | Vancouver | Support | 2023-04-12 |
| Creeana Bort | NAYA Action Fund | Support | 2023-04-12 |
| Jenny Lee | Portland | Support | 2023-04-12 |
| Sarah Radcliffe | Portland | Support | 2023-04-12 |
| Louis De Sitter | Beaverton | Support | 2023-04-12 |
| Chris Bonner | Member of Oregon Realtors | Support | 2023-04-12 |
| Fletcher Ray | Portland | Oppose | 2023-04-12 |
| Kevin Cronin | Housing Oregon | Support | 2023-04-12 |
| Joseph Purkey | PORTLAND | Support | 2023-04-12 |
| Marcia Kelley | Salem | Support | 2023-04-12 |
| Jess McDonough | Portland Realtor | Support | 2023-04-13 |
| Elizabeth Nathan | Portland | Support | 2023-04-13 |
| John Raymonda | Florence | Support | 2023-04-13 |
| Sybil Hebb | Oregon Law Center | Support | 2023-04-13 |
| Tom Cusack | Lake Oswego | Support | 2023-04-14 |
| Nicolas Salter | Thrive Hood River | Support | 2023-04-14 |
| Nicolas Salter | Thrive Hood River | Support | 2023-04-14 |
| Regina Purtzer | Grants Pass | Oppose | 2023-04-14 |
| Kathy Wilmot | Canyonvillle | Oppose | 2023-04-16 |
| Loretta Johnson | Douglas County | Oppose | 2023-04-16 |
| Penelope Ryan | Salem | Oppose | 2023-04-17 |
| Penelope Ryan | Salem | Oppose | 2023-04-17 |
| Kim McCarty | Portland | Support | 2023-04-17 |
| Pat Krikorian | Medford | Oppose | 2023-04-17 |
| Nathan Teske | Hillsboro | Support | 2023-04-17 |
| Robin Lee | Medford | Oppose | 2023-04-17 |
| celestina teva | Milwaukie | Support | 2023-04-18 |
| Shannon Vilhauer | Habitat for Humanity of Oregon | Support | 2023-04-18 |
| Dana Meyer | Bend | Oppose | 2023-04-18 |
| Cynthia Yee | Portland | Support | 2023-04-18 |
| Nikki Bratton | Springfield | Oppose | 2023-04-18 |
| Susan Dunfee | Keizer | Oppose | 2023-04-18 |
| LAURIE KIMMELL | Deschutes | Oppose | 2023-04-18 |
| Joshua Caraco | Eugene | Support | 2023-04-19 |
| Karen Saxe | DevNW | Support | 2023-04-19 |
| Sammi Teo | Oregon Food Bank | Support | 2023-04-19 |
| Catherine Zwicker | Redmond | Oppose | 2023-04-19 |
| Chris Leitgeb | Sherwood | Oppose | 2023-04-19 |
| Angela Stuckart | Albany OR | Oppose | 2023-04-19 |
| Jeremy Starr | Eugene | Oppose | 2023-04-19 |
| George Grabenhorst | Salem | Oppose | 2023-04-19 |
| Drew Johnson | Lyons | Oppose | 2023-04-19 |
| Suzanne OHalloran | Gresham | Oppose | 2023-04-19 |
| Charles Rorive | Grants Pass | Oppose | 2023-04-19 |
| Jill Russel | Klamath Falls | Oppose | 2023-04-19 |
| John Howard | La Grande | Oppose | 2023-04-19 |
| Corey Zielsdorf | Newberg | Oppose | 2023-04-19 |
| Freddy Saxton | Newport | Oppose | 2023-04-19 |
| Loren Naldoza | Oregon Housing Alliance | Support | 2023-04-19 |
| Daniel Hauser | Oregon Center for Public Policy | Support | 2023-04-19 |
| Grace Bergen | Springfield | Oppose | 2023-04-19 |
| Russell Johnson | Roseburg | Oppose | 2023-04-19 |
| Betty Heap | Roseburg | Oppose | 2023-04-19 |
| Sherri McPherson | Oregon Society of Certified Public Accountants | Oppose | 2023-04-19 |
| Toney Goems | Albany | Oppose | 2023-04-19 |
| Lynnea Miller | Bend | Oppose | 2023-04-19 |
| Scott Lewis | Medford | Oppose | 2023-04-19 |
| Eileen Kiely | Sunriver | Support | 2023-04-19 |
| Rep Khanh Pham | Portland | Support | 2023-04-19 |
| Susan Tokarz-Krauss | Real Estate Designed to Sell | Oppose | 2023-04-19 |
| Shannon Grindy | Lake Oswego | Oppose | 2023-04-19 |
| Eric Wilson | Bend | Oppose | 2023-04-20 |
| Kelly McDonald | Amity | Oppose | 2023-04-20 |
| Lisa Fisher | Powell Butte | Oppose | 2023-04-20 |
| Amie Johnson | Independence | Oppose | 2023-04-20 |
| Brian Meece | Bend | Oppose | 2023-04-20 |
| Marcia Kelley | Oregon Womens Rights Coalition | Support | 2023-04-20 |
| William Raven | Bend | Oppose | 2023-04-20 |
| David Wall | Newberg | Oppose | 2023-04-21 |
| Crystalyn Black | Urban League of Portland | Support | 2023-04-21 |
| Eileen Kiely | Sunriver | Support | 2023-04-21 |
| Katie Warden | Multnomah County | Support | 2023-04-21 |
| JOANN SHOTOLA | Eugene | Oppose | 2023-04-21 |
Legislative History
| Date | Chamber | Action |
|---|---|---|
| 2023-02-22 | S | Introduction and first reading. Referred to President's desk. |
| 2023-02-23 | S | Referred to Finance and Revenue. |
| 2023-04-12 | S | Public Hearing Cancelled. |
| 2023-04-19 | S | Public Hearing held. |
| 2023-06-25 | S | In committee upon adjournment. |