A bill to amend the Internal Revenue Code of 1986 to allow a deduction for real property taxes whether or not the taxpayer itemizes other deductions.

Amends the Internal Revenue Code to permit the deduction of real property taxes whether or not the taxpayer itemizes deductions.

[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 1268 Introduced in Senate (IS)]







107th CONGRESS
  1st Session
                                S. 1268

  To amend the Internal Revenue Code of 1986 to allow a deduction for 
    real property taxes whether or not the taxpayer itemizes other 
                              deductions.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 27, 2001

  Mr. Smith of New Hampshire introduced the following bill; which was 
          read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to allow a deduction for 
    real property taxes whether or not the taxpayer itemizes other 
                              deductions.

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

SECTION 1. REAL PROPERTY TAX DEDUCTION ALLOWED WHETHER OR NOT TAXPAYER 
              ITEMIZES OTHER DEDUCTIONS.

    (a) In General.--Section 62(a) of the Internal Revenue Code of 1986 
(defining adjusted gross income) is amended by inserting after 
paragraph (18) the following:
            ``(19) Real property taxes.--The deduction allowed by 
        section 164(a)(1).''.
    (b) Effective Date.--The amendment made by this section shall apply 
to any payment due after December 31, 2000.
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