A bill to amend the Internal Revenue Code of 1954 to provide an alternative method of allocation of property taxes for cooperative housing corporations.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to provide that, for purposes of the tax deduction for taxes, interest, and business depreciation of cooperative housing corporations, the tenant-stockholder's proportionate share shall be computed in accordance with laws or ordinances of any State or local government.…