Support for North Carolina homeowners will continue under a proposal filed today in the North Carolina House of Representatives .
An important step in supporting North Carolina homeownership was made by the North Carolina General Assembly yesterday. House Bill 54 (“Protect the Hardworking Taxpayers Act”), sponsored by REALTORS® Representatives Kelly Hastings and Julia Howard, as well as Senior Finance Chair Representative Jason Saine and Finance Chair Representative Mitchell Setzer, makes needed reforms to the state’s valuable tax deductions for Mortgage Interest and Property Taxes.
This bill will remove the $20,000 cap, which was imposed on these deductions in 2013. Under the proposed legislation, North Carolina homeowners would again have the ability to claim any amount of mortgage interest or property tax, as a part of their itemized deductions on their state taxes.
“This important piece of legislation is a significant step forward in continuing REALTORS®’ support of the American Dream by protecting homeownership,” said NC REALTORS® 2017 President Treasure Faircloth. “Decreasing the burden placed on current and future homeowners is an important part of supporting these values and ultimately the future sustainability of our state’s economy.”
Improving these fundamental tax structures has been a key priority for NC REALTORS® for multiple legislative sessions. Due to REALTOR® legislative champions, as well as consistent advocacy on behalf of members, this legislation is possible.
“In 2013, the North Carolina General Assembly passed sweeping tax reform that has helped the state. These tax changes have been more successful than anticipated, and now is the time to act to protect homeowners and promote homeownership across North Carolina,” said Cady Thomas, director of government affairs, NC REALTORS®.
NC REALTORS® is committed to seeing this bill move forward and applauds the sponsors for their leadership on this important issue.