Washington - Representatives Timothy Bishop (D-Patchogue) and Michael G. Grimm (R-S.I./Brooklyn) introduced legislation to provide tax relief to over 30 million Americans, and over 1 million homeowners throughout New York. First introduced by Senator Kirsten Gillibrand (D-NY), the Homeowner Tax Fairness Act (H.R. 1399/S.22), would allow all homeowners that pay property taxes to deduct the full amount from their federal income taxes. Under current law, only taxpayers using itemized deductions may deduct the amount. This bill expands the deduction to homeowners using a standard deduction.

"All homeowners in New York and all high cost areas should benefit from a federal offset for their high property taxes," said Rep. Bishop. "Tax policy should reflect America's vital interest in protecting and growing the middle class and I thank Rep. Grimm and Senator Gillibrand for showing bipartisan leadership on this important issue."

"This bill is more than just lip service, but something that hardworking families will feel in their pockets," said Rep. Grimm. "Property taxes in Staten Island and Brooklyn are not cheap, so it's only fair that all homeowners have equal opportunity to benefit from savings offered by this tax deduction. I am pleased to introduce the Homeowner Tax Fairness Act and look forward to working with Congressman Bishop and Senator Gillibrand in passing this important bill for New York into law."

"I know how hard families and seniors are struggling with the rising cost of property taxes," said Senator Gillibrand. "Property taxes in nearly every part of New York are putting a financial strain on many families. We need to provide these families with some relief by allowing all homeowners, even those who don't itemize deductions on their tax returns, to deduct the full cost of their property taxes. This is not a Democratic idea or a Republican idea - it is a good idea and we have to get it done this year."

The bill is estimated to save New York homeowners over $1 billion. Savings by county calculated using data from the 2010 U.S. Census and the Tax Foundation can be found by clicking here.