MD Interest Deduction is in Danger
Depending on your income, the Homeowner Interest Deduction maybe reduced 10% or 20%. if the Governor has his way. In addition, he has also proposed a reduction in the deductibility of the State and Local Property Taxes. The Mortgage Interest and State/Local s Deduction accounts for about 70% of the total Itemized Deductions in Maryland and Housing and Real Estate market contributes about 20% of the gross state product. This additional reduction to our pocketbooks will only serve to hurt the area Economic Recovery.
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