S. 3738 · 109th Congress
Nonitemizer Real Property Tax Deduction Act of 2006
- Stage
- In committee
- Sponsor
- Max Baucus
- Introduced
- 2006-07-26
- Latest action
- 2006-07-26 · Introduced in Senate
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.