MARYLAND HOMEOWNER'S MORTGAGE INTEREST DEDUCTION IN JEOPARDY

“In his recently introduced budget, Governor Martin O’Malley has
proposed to reduce the mortgage interest deduction for many
Maryland homeowners,” according to Mary C. Antoun, Chief
Executive Officer of the Maryland Association of REALTORS®.
“Since 1913, the tax code has protected mortgage interest
deductibility. Maryland shouldn’t be the first state to scale back the
most important tax benefit homeowners receive,” stated Antoun.
"Everyone is well aware of the burdens Maryland homeowners are
facing. Many homeowners have watched the value of their homes
decrease. One-fifth of Maryland homeowners are currently
underwater, and now homeowners find the one constant reliable
tax benefit to owning a home under attack."
If tax deductions are capped, as proposed by the Governor’s
budget, many Maryland homeowners will lose some of the value of
their mortgage interest deduction and the deductibility of state
and local property taxes. “These two principal real-estate related
deductions accounted for almost 70% of total deductions claimed
by Maryland taxpayers in 2008,” noted Antoun.

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