[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4029 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 4029

  To amend the Internal Revenue Code of 1986 to provide an additional 
      standard deduction for real property taxes for nonitemizers.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 31, 2007

Mr. Holt (for himself, Mr. Emanuel, Ms. Giffords, Mr. Carney, Ms. Shea-
    Porter, Mr. Hall of New York, Mr. Perlmutter, Mr. Lampson, Mr. 
 Rodriguez, Mr. Van Hollen, Ms. Berkley, Mr. Sestak, and Mr. Courtney) 
 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 provide an additional 
      standard deduction for real property taxes for nonitemizers.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Universal Homeowners' Tax Relief Act 
of 2007''.

SEC. 2. ADDITIONAL STANDARD DEDUCTION FOR REAL PROPERTY TAXES FOR 
              NONITEMIZERS.

    (a) In General.--Section 63(c)(1) of the Internal Revenue Code of 
1986 (defining standard deduction) is amended by striking ``and'' at 
the end of subparagraph (A), by striking the period at the end of 
subparagraph (B) and inserting ``, and'', and by adding at the end the 
following new subparagraph:
                    ``(C) in the case of taxable years beginning before 
                January 1, 2011, the real property tax deduction.''.
    (b) Definition.--Section 63(c) of such Code is amended by adding at 
the end the following new paragraph:
            ``(8) Real property tax deduction.--For purposes of 
        paragraph (1), the real property tax deduction is so much of 
        the amount of State and local real property taxes (within the 
        meaning of section 164) paid or accrued by the taxpayer during 
        the taxable year which do not exceed $250 ($500 in the case of 
        a joint return).''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2007.
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