Homeownership is vital for our communities and for our economy. That's why the mortgage interest tax deduction (MID) has been a bedrock principle for homeowners and their families. Unfortunately, this deduction has been at risk at the General Assembly in the past.
There was a hard fought battle at the General Assembly in 2013 to protect the MID. Current legislation caps the amount of qualified mortgage interest and real estate property taxes you can deduct at $20,000. We may see changes to this legislation on the state level during the 2017 long session and we want to remind you, the homeowners of North Carolina, about the importance of the MID.
The mortgage interest tax deduction has been a tremendous benefit for North Carolina’s economy. This homeownership tax deduction helps create stronger communities. Costs for health care, education, and energy continue to rise, and the homeownership tax deduction protects families and individuals’ most important investments: their homes.
We can keep you updated on any changes to the MID if you sign up for the North Carolina Homeowners Alliance today! We want to be the voice for homeowners at the General Assembly and we need you to help us achieve that. Sign up for our monthly legislative email updates here.