A bill to amend the Internal Revenue Code of 1986 to permit taxpayers to elect to deduct either State and local sales taxes or State income taxes.

Repeals specified provisions of the Tax Reform Act of 1986 that eliminated the income tax deduction for State and local sales taxes. Provides that the Internal Revenue Code of 1986 shall be applied and administered as if such provisions had not been enacted.

Amends the Internal Revenue Code to permit a taxpayer to select an income tax deduction for either: (1) State and local income taxes; or (2) State and local sales taxes.