H.R. 121 — Introduced in House

I 113th CONGRESS 1st Session H. R. 121 IN THE HOUSE OF REPRESENTATIVES January 3, 2013 Mr. Holt 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.