A bill to amend the Internal Revenue Code of 1954 to allow individuals a deduction for amounts paid or incurred for repairs or improvements of, or additions to their principal residences.

Revises the Internal Revenue Code to allow as a deduction: (1) the home improvement expenses (up to a maximum of $500) paid by a taxpayer; and (2) the residential addition amortization (the aggregate of which may not exceed $5,000).