I 111th CONGRESS 1st Session H. R. 412 IN THE HOUSE OF REPRESENTATIVES January 9, 2009 Mr. Israel 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 the deduction for property taxes in determining the amount of the alternative minimum taxable income of any taxpayer (other than a corporation).

1.

Short title

This Act may be cited as the Homeowners Property Tax Relief Act of 2009.

2.

Deduction for property taxes allowed in determining individual alternative minimum taxable income

(a)

In General

Clause (ii) of section 56(b)(1)(A) of the Internal Revenue Code of 1986 (relating to general limitation on deductions applicable to individuals) is amended by striking (1), (2), or. (b)

Effective Date

The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 2008.