A bill to amend the Internal Revenue Code of 1954 to allow a deduction for expenses incurred by a taxpayer in making repairs and improvements in owner-occupied residential property and to eliminate the property depreciation allowances for certain nonowner occupied rental property.

[AI summary unavailable — showing source text] Allows a deductuon under the Internal Revenue Code of up to $1000 for expenses incurred by a taxpayer in making repairs and improvements in owner-occupied residential property. Eliminates the property depreciation allowance for nonowner occupied rental property if such property is maintained in violation of Federal, State, county or municipal housing codes or regulations and if the owner is convicted by an appropriate authority of violating such codes or regulations. (Amends 26 U.S.C. 218, 167(c))…