Tuesday, January 17, 2012

New Joint Tax Committee Tax Expenditure Estimates; Big 3 Home Ownership Tax Costs to Increase by $49 Billion Over 4 Years.

New estimates are available HERE. [ Tip of hat to Novogradac for first alert that was report was available via Twitter].

Haven't had a chance to compare to other estimates, but  table pasted below shows big three home ownership related federal tax expenditure estimates: 
Click to Enlarge

  1. 2012-2011 total change is modest 1.1% because projected property tax deductions are estimated to go down by 37.9% 
  2. In 2015 estimate is that big three home ownership expenditures will reach $169.7 BILLION annually. This is an INCREASE of  $49.36 billion/41% from 2011.
  3. In 2015 estimate is that mortgage interest deduction alone will reach $113.4 billion, an INCREASE of $35.8 billion/46.1% from 2011.
  4. Not in table: If Oregon's share of total federal tax expenditures is 1%, 2015 Oregon federal tax expenditures for these three home ownership tax expenditures would be $1.697 Billion.
Originally created and posted on the Oregon Housing Blog.

No comments:

Post a Comment