Nonitemizer Real Property Tax Deduction Act of 2006

Summary

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.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 20 September 2006

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• Introduced in House (PDF)

  Introduced in House · EN · 20 September 2006

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• Introduced in House

  summary · EN · 20 September 2006

  Open at official source

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