Summary: H.R.6122 — 109th Congress (2005-2006)All Information (Except Text)

There is one summary for H.R.6122. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (09/20/2006)

Nonitemizer Real Property Tax Deduction Act of 2006 - Amends the Internal Revenue Code to: (1) increase the standard tax deduction for taxpayers who do not itemize tax deductions by $500 ($1,000 for joint returns) of the real property taxes paid or accrued by such taxpayers in a taxable year; (2) define economic substance for purposes of evaluating tax shelter transactions; and (3) impose a penalty for understatements of tax liability resulting from transactions lacking economic substance.