To amend the Internal Revenue Code of 1986 to provide a 5-year reinstatement of the real property standard deduction and to adjust such deduction for inflation.

Amends the Internal Revenue Code to: (1) reinstate in 2013 and extend through 2017 the additional deduction for real property taxes in the standard tax deduction, and (2) allow an annual inflation adjustment to the allowable amount of the standard tax deduction.