A bill to amend the Internal Revenue Code of 1954 to provide that certain State and local real property taxes paid by a financial institution on behalf of a mortgagor shall be treated as paid on December 31.

Amends the Internal Revenue Code to treat as paid by December 31 of the calendar year any amounts paid by a taxpayer to a financial institution in connection with a mortgage loan for payment of State or local real property taxes if such taxes are paid by the financial institution within 45 days after the close of the calendar year.