A bill to amend the Internal Revenue Code of 1954 to allow a deduction for expenses incurred by a taxpayer in making repairs and improvements to his residence, and to allow the owner of rental housing to amortize at an accelerated rate the cost of rehabilitating or restoring such housing.

Summary

Allows a tax deduction under the Internal Revenue Code of not more than $750 for ordinary and necessary expenses paid during the taxable year for the repair or improvement of property used by the taxpayer as his principal residence. Permits any person who is the owner of rental housing and who rehabilitates or restores such housing to deduct the cost of such restoration, with respect to the amortization of the adjusted basis of such housing as so restored, based on a period of 60 months. Entitles any person who acquires rehabilitated or restored rental housing from a taxpayer who elected the amortization deduction and who did not discontinue the amortization deduction, to a deduction with respect to the adjusted basis of such facility based on the remaining amount of the 60-month period. Provides procedures for the election and termination of the amortization deduction and defines the terms used in this Act. (Amends 26 U.S.C. 62,217; 218; Adds 28 U.S.C. 180)

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 3 April 1974

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 3 April 1974

   Introduced

   Introduced in House

   Source: IntroReferral

3. 3 April 1974

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 3 April 1974

  Open at official source

Sponsors

• Rep. Peyser, Peter A. [R-NY-23] · R · Sponsor
• · hswm00 · Standing

Related records

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