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One of the most sacred cows in the U.S. real estate market is the mortgage interest deduction available to taxpayers who itemize deductions on their federal income tax returns. This tax provision is traditionally viewed as one of the key elements favoring housing as an investment in the virtually impenetrable U.S. tax code.
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Pennsylvania REALTORS® will take to the Capitol in Harrisburg on Wednesday to tell state lawmakers they oppose Gov. Ed Rendell’s 2010-11 budget proposal to tax professional services, including REALTOR® commissions.
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Pennsylvania Gov. Ed Rendell proposed creating the Stimulus Transition Reserve Fund, a strategy to help the state save money now to help protect and preserve the fiscal stability of the Commonwealth. “A fiscal tsunami is coming at us and I believe we must act now to mitigate its impact,” he said.
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Gov. Rendell has advocated for a half-percentage point increase in the state personal income tax, something he says will raise about $1.5 billion in new state revenues and would be a three-year “temporary” tax. The governor has noted that the average wage earned in Pennsylvania is $48,000 per year so individuals would pay an...
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Tuesday, Feb. 7, 2012
