< Back to H.R. 121 (113th Congress, 2013–2015)

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

...standard deduction and to adjust such deduction for inflation.

This bill was introduced on January 3, 2013, in a previous session of Congress, but was not enacted. The text of the bill below is as of Jan 3, 2013 (Introduced).

I

113th CONGRESS

1st Session

H. R. 121

IN THE HOUSE OF REPRESENTATIVES

January 3, 2013

introduced the following bill; which was referred to the Committee on Ways and Means

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.

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.