H.R. 114 would amend the Internal Revenue Code of 1986 to provide a double deduction for a portion of an individual's State and local property taxes that are in excess of the national average.
Detailed Summary
Homeowner's Tax Relief Act of 2007 - Amends the Internal Revenue Code to allow individual taxpayers an additional tax deduction (whether or not such taxpayers itemize deductions) for state and local real property taxes paid for a principal residence that exceed the national average, as determined by the Secretary of the Treasury. Denies such deduction for taxpayers whose adjusted gross income exceeds $80,000 ($160,000 for joint returns).
Status of the Legislation
Latest Major Action: 1/4/2007: Referred to House committee. Status: Referred to the House Committee on Ways and Means.
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Points Against
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