H.R. 6122 · 109th Congress

Nonitemizer Real Property Tax Deduction Act of 2006

Stage
In committee
Sponsor
Rush Holt
Introduced
2006-09-20
Latest action
2006-09-20 · Introduced in House

Summary

Nonitemizer Real Property Tax Deduction Act of 2006 - Amends the Internal Revenue Code to: (1) increase the standard tax deduction for taxpayers who do not itemize tax deductions by $500 ($1,000 for joint returns) of the real property taxes paid or accrued by such taxpayers in a taxable year; (2) define economic substance for purposes of evaluating tax shelter transactions; and (3) impose a penalty for understatements of tax liability resulting from transactions lacking economic substance.