110 HR 4029 IH: Universal Homeowners’ Tax Relief Act U.S. House of Representatives 2007-10-31 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 110th CONGRESS 1st Session H. R. 4029 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.

1.

Short title

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

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.