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 to his residence.

[AI summary unavailable — showing source text] Allows a taxpayer a tax deduction under the Internal Revenue Code for any home improvement expenses paid during the taxable year. Places a $500 limitation on such tax deduction. Allows a two year carryforward when the amount of home improvement expense exceeds $500. Prohibits any such deduction from being treated as a capital expenditure.…