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.