Summary

H.R. 121: 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. Read More

Status

This bill was introduced on Jan 3, 2013, in a previous session of Congress, but was not passed.

Date Introduced
Jan 3, 2013

Co-Sponsors

Bill Text

A BILL

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.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. REINSTATEMENT OF REAL PROPERTY STANDARD DEDUCTION.

(a) Extension.--Subparagraph (C) of section 63(c)(1) of the Internal Revenue Code of 1986 is amended by striking ``in 2008 or 2009'' and inserting ``after December 31, 2012, and before January 1, 2018''. (b) Adjustments for Inflation.-- (1) In general.--Subparagraph (B) of section 63(c)(4) of such Code is amended-- (A) by inserting ``(2013 in the case of the dollar amount contained in paragraph (7)(B))'' after ``1988'', (B) by striking ``or (5)'' and inserting ``(5), or (7)(B)'', and (C) by striking ``and'' at the end of clause (i), by striking the period at the end of clause (ii) and inserting ``, and'', and by inserting after clause (ii) the following: ``(iii) `calendar year 2011' in the case of the dollar amount contained in paragraph (7)(B).''. (2) Conforming amendment.--Subparagraph (B) of section 63(c)(7) of such Code is amended by striking ``$1,000'' and inserting ``twice such amount''. (c) Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2012. <all>

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State: CA

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Bill Summary

H.R. 121: 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.

H.R. 120The Create Jobs by Expanding the R&D Tax Credit Act H.R. 122The Creating Jobs From Innovative Small Businesses Act