Sec. 1303. Repeal of deduction for certain taxes not paid or accrued in a trade or business
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/bill/115/hr/1/eh/section-1303A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 164(b)(5) is amended to read as follows: In the case of a taxpayer other than a corporation— foreign real property taxes (other than taxes which are paid or accrued in carrying on a trade or business or an activity described in section 212) shall not be taken into account under subsection (a)(1), the aggregate amount of taxes (other than taxes which are paid or accrued in carrying on a trade or business or an activity described in section 212) taken into account under subsection (a)(1) for any taxable year shall not exceed $10,000 ($5,000 in the case of a married individual filing a separate return), subsection (a)(2) shall only apply to taxes which are paid or accrued in carrying on a trade or business or an activity described in section 212, and subsection (a)(3) shall not apply to State and local taxes. .
The amendments made by this section shall apply to taxable years beginning after December 31, 2017.