Homeowners Property Tax Relief Act of 2007

Homeowners Property Tax Relief Act of 2007 - Amends the Internal Revenue Code to allow the deduction of state and local real and personal property taxes in calculating the alternative minimum taxable income of individual taxpayers.

[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3953 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 3953

 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).


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                    IN THE HOUSE OF REPRESENTATIVES

                            October 24, 2007

 Mr. Mahoney of Florida (for himself, Ms. Giffords, Mr. Higgins, Mrs. 
  Boyda of Kansas, Mr. Kagen, Mr. Bishop of New York, Mr. Israel, Mr. 
Gordon of Tennessee, Mr. Patrick J. Murphy of Pennsylvania, Ms. Castor, 
 Mr. Boyd of Florida, Mr. Hill, Mr. Walz of Minnesota, Mr. Costa, Mr. 
Cardoza, Mr. Wexler, Ms. Hirono, Mr. Peterson of Minnesota, Mr. Roskam, 
 and Mr. Walberg) 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).

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Homeowners Property Tax Relief Act 
of 2007''.

SEC. 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, 2006.
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