I
110th CONGRESS
1st Session
H. R. 3562
IN THE HOUSE OF REPRESENTATIVES
September 18, 2007
Mr. Hill (for himself, Mr. Fossella, Mr. Pence, Mr. Burton of Indiana, Mr. Hall of New York, Mr. Ellsworth, Mrs. Gillibrand, Mr. Donnelly, and Mr. Patrick J. Murphy of Pennsylvania) 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 real property taxes on the principal residences to all individuals whether or not they itemize other deductions.
Short title
The Act may be cited as the
Property Tax Relief Act of 2007
.
Findings
The Congress finds the following:
Healthcare costs have grown on average 2.5 percentage points faster than the United States gross domestic product since 1970.
The Secretary of Energy estimates that energy costs will continue to dramatically rise for at least the next 3 years.
The national average for property taxes is over $900, placing a large burden on middle class families.
Indiana property owners pay 3.4 percent of their income in property taxes, which is the 14th highest percentage in the Nation.
Indiana property taxes are predicted to jump another 25 percent in 2008.
Deduction for real property taxes on principal residences allowed to all individuals whether or not they itemize other deductions
In general
Subsection (a) of section 62 of the Internal Revenue Code of 1986 (defining adjusted gross income) is amended by inserting after paragraph (21) the following new paragraph:
Principal residence real property taxes
The deduction allowed by section 164(a)(1) for State and local real property taxes on any residence allocable to the period during the taxable year that the residence is owned and used by the taxpayer as the taxpayer's principal residence (within the meaning of section 121).
.
Effective date
The amendment made by this section shall apply to taxable years beginning after the date of the enactment of this Act.