A bill to amend chapter 1 of title 26, United States Code, to allow a deduction to tenants of houses or apartments for their proportionate share of the taxes and interest paid by their landlords.

Amends the Internal Revenue Code to allow individuals who rent their principal residences an income tax deduction for their proportionate share of real property taxes paid by their landlords and for interest costs incurred by their landlords for the acquisition, construction, alteration, rehabilitation, or maintenance of rental property.