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H.R. 3562, The Property Tax Relief Act of 2007
- This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.
Version saved on October 10, 2007, 14:59:16, by webmaster:
H.R. 3562 would 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.
Detailed Summary
Property Tax Relief Act of 2007 - Amends the Internal Revenue Code to allow state and local real property taxes paid on a principal residence as a deduction from gross income (thus allowing taxpayers who do not itemize their tax deductions to claim such deduction).
Status of the Legislation
Latest Major Action: 9/18/2007: Referred to House committee. Status: Referred to the House Committee on Ways and Means.
Points in Favor
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Points Against
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Visitor Comments
RW
October 3, 2007, 1:28pm (report abuse)Isn't the standard deduction there so people who don't want to itemize still get a break? If this law passes then it seems to me that the standard deduction should be lowered.