Maryland Realtors Fired Up On Mortgage Deduction Idea

ANNAPOLIS, Md. (AP) - Gov. Martin O'Malley's proposal to cap state income tax deductions for people who make more than $100,000 at 90 percent has alarmed members of the Maryland Association of Realtors. Patricia Terrill, president of the group, said Monday that the proposal is the only thing members are talking about at the group's annual legislative day in Annapolis. The proposal would affect mortgage interest deductions. Comptroller Peter Franchot, who spoke at the gathering, says O'Malley's proposal is a direct shot at Maryland homeowners at a time when they're struggling in a difficult housing market. But Raquel Guillory, a spokeswoman for O'Malley, says the proposal applying only to higher-end earners is about fairness and putting the state on the path to solving an ongoing budget deficit.