I am proud to be the leading Republican cosponsor of H.R. 2604, legislation introduced by Representative Paul Hodes, D-N.H., to give people from property tax states like Wyoming permanent federal income tax relief.
This legislation would give taxpayers, for which itemizing their tax deductions is not an option, a standard deduction that is equal to the amount of real property taxes up to $500 for individuals and $1,000 in the case of a joint return. This benefit was enacted by Congress in 2008, but expires at the end of this year. H.R. 2604 is particularly important for property owners with fixed incomes who are dealing with the effects of the economic crisis.
Putting money back in the pockets of the American people is the most effective way to stimulate our suffering economy. H.R. 2604 will both provide this immediate relief and give Wyoming taxpayers and property taxpayers nationwide the permanent relief they deserve.