Oklahoma Association of Realtors cautions legislators to rethink cap on itemized tax deductions legislation

House Bill 2403 would constrain Oklahoma’s real estate industry and burden the state’s economy.

OKLAHOMA CITY– Oklahoma Association of Realtors® (OAR) cautions passage of House Bill 2403, which would cap itemized deductions on state tax returns at $17,000 through 2019. Itemized deductions are utilized to lower a tax bill and include property taxes, mortgage interest, medical expenses and charitable donations, which was recently exempted from the legislation.

“We recognize the budget situation that the state is currently in and the bind legislators are trying to work through, but think that capping itemized deductions would negatively affect the state’s real estate market, economy and ability for Oklahomans to purchase homes,” said Pete Galbraith, OAR president. “Capping the amount that Oklahoma residents deduct from paying property taxes and mortgage interest effectively raises taxes on all Oklahoma homeowners and inhibits their ability to not only invest or reinvest in property, but also hurts the state’s overall economy.”

About the Oklahoma Association of REALTORS®

The Oklahoma Association of REALTORS® is the voice and first source for information, expertise and advocacy related to the practice of real estate in Oklahoma. Established in 1921, it is one of Oklahoma’s largest trade associations with more than 10,000 members involved in all aspects of the real estate industry. For more information, visit www.okrealtors.com.

Contact:

May 15, 2017
Contact: Jessica M. Hickok, CEO Oklahoma Association of REALTORS®
jmh@okrealtors.com
(Office) 405.848.9944 or (Cell) 417.840.5125