[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5860 Introduced in House (IH)]








109th CONGRESS
  2d Session
                                H. R. 5860

 To amend the Internal Revenue Code of 1986 to allow an above-the-line 
    deduction for State and local, and foreign, real property taxes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 20, 2006

   Mr. Paul introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to allow an above-the-line 
    deduction for State and local, and foreign, real property taxes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. DEDUCTION FOR REAL PROPERTY TAXES ALLOWED WHETHER OR NOT 
              TAXPAYER ITEMIZES OTHER DEDUCTIONS.

    (a) In General.--Subsection (a) of section 62 of the Internal 
Revenue Code of 1986 (defining adjusted gross income) is amended by 
inserting before the last sentence the following new paragraph:
    ``(21) Real Property Taxes.--The deduction allowed by section 164 
for real property taxes described in section 164(a)(1).''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 2006.
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