Bayh, Hill hopeful for passage of new property tax break

By: The Associated Press
By: The Associated Press

Senator Evan Bayh and Congressman Baron Hill want a new property tax deduction for homeowners who do not itemize on their federal returns.

The deductions being pushed by the two Indiana Democrats are in separate bills aimed at helping homeowners and businesses weather the housing crisis. The Senate is expected to approve its version of the legislation today.

That includes a provision Bayh proposed that would create an additional deduction of up to $500 for homeowners who don't itemize -- $1,000 for joint filers. It would be on top of the current standard deduction and apply to this year's federal taxes payable in 2009.

The deductions in the House bill would be $350 for single filers and $700 for joint filers. Lawmakers will try to reconcile differences in the House and Senate housing-assistance bills in a conference committee.

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