(Washington, D.C.) – The Emergency Economic Stabilization Act, which the U.S. House of Representatives passed today with the support of Rep. Rush Holt, includes a one-year extension of Holt’s property tax relief initiative. The Holt property tax deduction, which President Bush signed into law in August, currently applies to 2008 and will benefit homeowners who do not itemize on their Federal tax returns. Under the law, single-filing property taxpayers will be able to take an additional standard deduction of $500 and joint filers will be able to deduct $1,000 for state and local property taxes paid or accrued. ...
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