Q: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
SECTION 1. DEDUCTION FOR INDIVIDUALS WHO HAVE ATTAINED AGE 55 FOR REAL
PROPERTY TAX INSURANCE WITH RESPECT TO PRINCIPAL
RESIDENCE.

(a) In General.--Part VII of subchapter B of chapter 1 of the
Internal Revenue Code of 1986 (relating to additional itemized
deductions for individuals) is amended by redesignating section 220 as
section 221 and by inserting after section 219 the following new
section:

''SEC. 220. DEDUCTION FOR INDIVIDUALS WHO HAVE ATTAINED AGE 55 FOR REAL
PROPERTY TAX INSURANCE WITH RESPECT TO PRINCIPAL
RESIDENCE.

''(a) In General.--In the case of an individual who has attained
age 55 before the close of the taxable year, there shall be allowed as
a deduction an amount equal to the premiums paid or incurred during the
taxable year for any qualified real property tax insurance contract
with respect to the principal residence of such individual.
''(b) Qualified Real Property Tax Insurance Contract.--For purposes
of this section--
''(1) In general.--The term 'qualified real property tax
insurance contract' means any insurance contract--
''(A) which permits premiums to be paid for such
insurance only after the policyholder attains age 55
and before the policyholder attains age 65,
''(B) which pays, at the election of the
policyholder--
''(i) the excess of--
''(I) the amount of the State and
local real property taxes imposed on
the principal residence of the
policyholder for each real property tax
year in the insured period, over
''(II) the amount of such taxes
imposed on such residence for the last
real property tax year beginning before
the insured period (or, if later, the
first real property tax year for which
the policyholder was liable for such
taxes imposed on such residence), or
''(ii) the amount of the State and local
real property taxes imposed on the principal
residence of the policyholder for each real
property tax year in the insured period,
''(C) which provides for a refund of the cash value
of the insurance contract (if any) if--
''(i) the residence is sold or exchanged
before the end of the insured period, or
''(ii) the insured period ends by reason of
the last sentence of paragraph (2), and
''(D) in the case of a husband and wife who are
joint policyholders, which provides for a waiver of
premiums for such insurance after the death of either
spouse.
''(2) Insured period.--The term 'insured period' means--
''(A) in the case of an election to have paragraph
(1)(B)(i) apply, the 10 real property tax years
beginning after the date the policyholder attains age
65, and
''(B) in the case of an election to have paragraph
(1)(B)(ii) apply, the number of real property tax years
(beginning after the date the policyholder attains age
65) selected by the policyholder but only if the number
selected is 5, 10, 15, or 20.
In no event shall the insured period end after the close of the
real property tax year in which the last policyholder dies.
''(3) Principal residence.--The term 'principal residence'
has the meaning given to such term by section 1034.
''(4) State and local real property taxes.--The term 'State
and local real property taxes' means any real property tax
which is a State or local tax (within the meaning of section
164(b)(2)); except that such term shall not include any amount
for which a deduction is not allowable by reason of section
164(c)(1).
''(c) Premium Requirements.--
''(1) In general.--Except as provided in paragraph (2), an
insurance contract shall be treated as a qualified real
property tax insurance contract only if the annual premium for
any year does not exceed the amount equal to 150 percent of the
amount of the State and local real property taxes imposed on
the principal residence of the policyholder for the real
property tax year ending during the preceding year.
''(2) Single premiums permitted in certain cases.--
Paragraph (1) shall not apply to any premium paid during any
calendar year if--
''(A) not less than the amount of such premium is
paid or distributed during such year to the taxpayer
from any individual retirement plan of the taxpayer, or
''(B) the taxpayer receives during such year a lump
sum distribution (as defined in section 402(d)(4)) in
an amount not less than the amount of such premium.
This paragraph shall not apply if the amount of any premium
paid, when added to premiums previously paid, exceeds the
amount reasonably necessary (as determined under regulations
prescribed by the Secretary) to fund the payments referred to
in subsection (b)(1)(B).
''(d) Special Rules for Married Individuals.--For purposes of this
section--
''(1) In general.--In the case of a husband and wife who
are joint policyholders, this section shall be applied by
taking into account only the age of the older spouse.
''(2) Property of deceased spouse.--If--
''(A) an individual's spouse died during the period
applicable under subsection (b)(1)(A),
''(B) such spouse was the older spouse, and
''(C) any premium for any qualified real property
tax insurance contract was paid by either spouse before
the date of such death,
the age the older spouse would have been shall continue to be
the only age taken into account for purposes of this section.
''(e) Other Special Rules.--
''(1) Tax treatment of refund of cash value.--Any refund of
the cash value of any qualified real property tax insurance
contract shall be includible in gross income for the taxable
year in which received.
''(2) Denial of deduction for payment of taxes.--No
deduction shall be allowed under this chapter for any payment
of tax under any qualified real property tax insurance
contract.
''(3) Tenant-stockholder in cooperative housing
corporation.--A rule similar to the rule of section 1034(f)
shall apply for purposes of this section.''
(b) Deduction Allowed Whether or Not Taxpayer Itemizes Other
Deductions.--Subsection (a) of section 62 of such Code is amended by
inserting after paragraph (15) the following new paragraph:
''(16) Qualified real property tax insurance premiums.--The
deduction allowed by section 220.''
(c) Clerical Amendment.--The table of sections for part VII of
subchapter B of chapter 1 of such Code is amended by striking the last
item and inserting the following new items:

''Sec. 220. Deduction for individuals who
have attained age 55 for real
property tax insurance with
respect to principal residence.
''Sec. 221. Cross reference.''
(d) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after the date of the enactment of
this Act.
A:
Amends the Internal Revenue Code to allow, for taxpayers at least 55 years old, a deduction for the premiums for principal residence real property tax insurance. Allows the deduction whether or not the taxpayer itemizes other deductions.