109 HR 5860 IH: To amend the Internal Revenue Code of 1986 to allow an U.S. House of Representatives 2006-07-20 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 109th CONGRESS 2d Session H. R. 5860 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.

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.