To amend the Internal Revenue Code of 1986 to provide a 5-year reinstatement of the real property standard deduction and to adjust such deduction for inflation.

Amends the Internal Revenue Code to: (1) reinstate in 2013 and extend through 2017 the additional deduction for real property taxes in the standard tax deduction, and (2) allow an annual inflation adjustment to the allowable amount of the standard tax deduction.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 121 Introduced in House (IH)]

113th CONGRESS
  1st Session
                                H. R. 121

    To amend the Internal Revenue Code of 1986 to provide a 5-year 
  reinstatement of the real property standard deduction and to adjust 
                     such deduction for inflation.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 3, 2013

   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 
  reinstatement of 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. REINSTATEMENT 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, 2012, and before January 1, 
2018''.
    (b) Adjustments for Inflation.--
            (1) In general.--Subparagraph (B) of section 63(c)(4) of 
        such Code is amended--
                    (A) by inserting ``(2013 in the case of the dollar 
                amount contained in paragraph (7)(B))'' after ``1988'',
                    (B) by striking ``or (5)'' and inserting ``(5), or 
                (7)(B)'', and
                    (C) 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 2011' in the case of 
                        the dollar amount contained in paragraph 
                        (7)(B).''.
            (2) Conforming amendment.--Subparagraph (B) of section 
        63(c)(7) of such Code is amended by striking ``$1,000'' and 
        inserting ``twice such amount''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2012.
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