To amend the Internal Revenue Code of 1986 to provide that the treatment of tenant-stockholders in cooperative housing corporations also shall apply to stockholders of corporations that only own the land on which the residences are located.

Amends the Internal Revenue Code to provide that stockholders in cooperative housing corporations that own or lease the land on which cooperative residences (other than mobile homes) are located are eligible for the same tax treatment (i.e., deductibility of real estate taxes and mortgage interest) as tenant-stockholders who reside in such residences.