H.R. 3726 · 110th Congress

Property Tax Relief Act of 2007

Stage
In committee
Sponsor
Baron Hill
Introduced
2007-10-02
Latest action
2007-10-02 · Introduced in House

Summary

Property Tax Relief Act of 2007 - Amends the Internal Revenue Code to: (1) 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); and (2) exclude such deduction from the calculation of alternative minimum taxable income for purposes of the alternative minimum tax on individuals.