ADDITIONAL STANDARD DEDUCTION FOR REAL PROPERTY TAXES FOR NONITEMIZERS.

SEC. 3012. ADDITIONAL STANDARD DEDUCTION FOR REAL PROPERTY TAXES FOR NONITEMIZERS.(a) In General.—Section 63(c)(1) (defining standard deduction) is amended by striking “and” at the end of subparagraph (A), by striking the period at the end of subparagraph (B) and inserting “, and”, and by adding at the end the following new subparagraph:122 STAT. 2892 “(C) in the case of any taxable year beginning in 2008, the real property tax deduction.”.(b) Definition.—Section 63(c) is amended by adding at the end the following new paragraph:“(7) Real property tax deduction.—For purposes of paragraph (1), the real property tax deduction is the lesser of—“(A) the amount allowable as a deduction under this chapter for State and local taxes described in section 164(a)(1), or“(B) $500 ($1,000 in the case of a joint return).Any taxes taken into account under section 62(a) shall not be taken into account under this paragraph.”.(c) Effective Date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2007.