The first piece of legislation that U.S. Senator Kirsten Gillibrand is introducing in the 112th Congress is a bill she says will provide property tax relief for more than one million New York homeowners.

The bill would enable people who pay property taxes to deduct the full amount of money they pay from their federal income taxes. Currently, only homeowners that itemize their federal taxes can deduct the cost of property taxes. Gillibrand’s legislation would make property taxes fully deductable for individuals who do not itemize their federal taxes, providing additional tax relief for up to 30 million Americans, including approximately 1.1 million New Yorkers.

She says her Homeowner Tax Fairness Act would save New York homeowners approximately $1 billion.

In the North Country, the new property tax deduction could benefit 55,000 homeowners, saving up to more than $25 million, Gillibrand’s office says.

Before 2008, only taxpayers who itemized their deductions could claim a deduction for state and local property taxes. Congress temporarily allowed non-itemizing taxpayers to deduct their property taxes in 2008 in an effort to help alleviate the housing crisis. But this deduction was capped at $500 and expired at the end of 2009.