Section 1 Reinstatement of real property standard deduction
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”.
Adjustments for inflation—
In general— Subparagraph (B) of section 63(c)(4) of such Code is amended—
by inserting “(2013 in the case of the dollar amount contained in paragraph (7)(B))” after “1988”,
by striking “or (5)” and inserting “(5), or (7)(B)”, and
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).”
Conforming amendment— Subparagraph (B) of section 63(c)(7) of such Code is amended by striking “$1,000” and inserting “twice such amount”.
Effective date— The amendments made by this section shall apply to taxable years beginning after December 31, 2012.