Mr. Evans of New Jersey, for himself, submits

A BILL

To amend the Internal Revenue Code of 1986 to allow the deduction for State and local income and property taxes under the alternative minimum tax.

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

SECTION 1. TITLE

(a) This bill shall be known as the Property Tax Relief Act.

SECTION 2. DEDUCTION FOR STATE AND LOCAL INCOME AND PROPERTY TAXES ALLOWED UNDER THE ALTERNATIVE MINIMUM TAX.

(a) In General- Subparagraph (A) of section 56(b)(1) of the Internal Revenue Code of 1986 (relating to general limitation on deductions) is amended by striking `or' at the end of clause (i) and by striking clause (ii) and inserting the following new clauses:

`(ii) for any foreign real property taxes described in paragraph (1) of section 164(a), or

`(iii) for so much of paragraph (3) of section 164(a) as relates to foreign income, war profits, and excess profits taxes.'.

(b) Effective Date- The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 2004.

This post has been edited by Casey Evans on December 18, 2006 02:28 pm

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