ANNAPOLIS, Md. — Maryland real estate agents expressed alarm Wednesday at Gov. Martin O’Malley’s proposal to cap state income tax deductions for people who make more than $100,000, a change that would have a big impact on mortgage interest deductions.
Patricia Terrill, president of the Maryland Association of Realtors, said the proposal was just about the only thing that members of the 22,000-strong group were talking about during their annual legislative day in Annapolis.
“Let’s face it, the homeowners have been beat up enough,” said Terrill, wearing a “Save Maryland’s Interest Deduction” sticker. “We need to protect our homeowners.”
Under O’Malley’s plan, a single Maryland taxpayer whose federal adjusted gross income is more than $100,000 would see a 10 percent reduction in the amount they could claim in state income tax deductions. A single earner making more than $200,000 would see a 20 percent reduction.
The governor says while he doesn’t like reducing the deductions, he has said changes in his budget plan would affect only about one in five Maryland taxpayers. O’Malley, a Democrat, says new revenue is badly needed after years of budget cuts due to the recession.
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