[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 131 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 131

    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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 5, 2011

   Mr. Holt 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.--Subparagraph (B) of section 
63(c)(4) 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 2010' 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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