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New Tax Law Benefits Small Business Owners Congress recently passed and the President has signed yet another new tax law. This latest effort is called the Small Business and Work Opportunity Tax Act of 2007 (the Act).   Deducting Real Estate Taxes State and local real estate taxes levied for the general public welfare are deductible for regular tax, but not for the AMT, if the tax is based on the assessed value of the property and charged uniformly against all property in the taxing authority's jurisdiction.   Used Vehicle Donation Rules There are strict rules for charitable contributions of used motor vehicles, boats, and airplanes that apply to donations valued at over $500. If these rules are not met, a taxpayer cannot claim a charitable deduction. This article explains how the rules work and how taxpayers can verify their donation of a used vehicle, boat, or plane.