[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2725 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 2725

    To amend the Internal Revenue Code of 1986 to provide a 5-year 
 extension for the real property standard deduction and to adjust such 
                        deduction for inflation.


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                    IN THE HOUSE OF REPRESENTATIVES

                              June 4, 2009

Mr. Holt (for himself, Mr. Himes, Mr. Rodriguez, Mr. Israel, Mr. Adler 
of New Jersey, and Mr. Massa) 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 a 5-year 
 extension for the real property standard deduction and to adjust such 
                        deduction for inflation.

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

SECTION 1. MODIFICATION OF REAL PROPERTY STANDARD DEDUCTION.

    (a) Extension.--Subparagraph (C) of section 63(c)(1) of the 
Internal Revenue Code of 1986 is amended by striking ``in 2008 or 
2009'' and inserting ``after December 31, 2007, and before January 1, 
2015,''.
    (b) Adjustments for Inflation.--Paragraph (4) of section 63(c) of 
such Code is amended by striking ``and'' at the end of clause (i), by 
striking the period at the end of clause (ii) and inserting ``, and'', 
and by inserting after clause (ii) the following:
                            ``(iii) `calendar year 2008' in the case of 
                        dollar amounts contained in paragraph 
                        (7)(B).''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2009.
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