Income taxes: deductions: amounts due on real property tax bill.

The Personal Income Tax Law and the Corporation Tax Law authorize various deductions in computing income that is subject to tax under those laws. This bill would allow a deduction, under both of those laws, of amounts paid by the taxpayer on the taxpayer's real property tax bill. The deduction under the Personal Income Tax Law would be an itemized deduction. This bill would take effect immediately as a tax levy.