Tuesday, December 2, 2014

New Oregon Tax Expenditure Report: Mortgage Interest and Property Tax Deductions Expected to Cost $60 Million More in Coming Biennium; Top 20% of Filers Get 62% of Benefits.

Readers may recall a prior post HERE showing the share of Oregon income tax revenue lost by income group quintiles because of the mortgage interest and property tax deductions. 

The chart in that post indicated that 61% of the revenue loss went to the top 20% of full time filers. 

I have prepared an Excel workbook HERE with updated information from the 2015-2017 Tax Expenditure Report.   

The workbook shows that 
  • The top 20% of filers continue to claim 62% of the total tax savings/income tax lost from the MID and Property tax deductions.
  • The projected total revenue loss from the MID and property tax deductions is expected to increase by $60 million [4.5%] over the next biennium to $1.38 Billion. (See "Biennium Revenue Loss" worksheet).

Originally created and posted on the Oregon Housing Blog. 

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