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News & Press: Sacramento Report

California Assembly Considers Legislation Eliminating Mortgage Interest Deduction for Second Homes

Tuesday, June 20, 2017  
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The mortgage interest deduction for second homes would be eliminated by Assembly Bill 71 (Chiu), in order to fund a $230M increase for low income housing tax credits. The bill reached the Assembly floor in late May. Because AB 71 is an urgency measure it is exempt from normal legislative deadlines and can be voted on at any time. The measure, moving through the legislature thus far on party-line votes, faces opposition from both the California Association of Realtors and the California Land Title Association. In a letter opposing the bill, the CLTA cites the substantial negative impact the measure will have on Californians who factored the interest deduction into their financial calculations when purchasing a second home, as well as the potential ripple effect the deduction’s removal would have on the overall economy.

California Land Title Association

1215 K Street #1816 Sacramento, CA 95814-3905
Email:  |  Phone: 916-444-2647  |   Fax: 916-444-2851