A bill to allow a credit against Federal income tax or payment from the U.S. Treasury for State and local real property taxes or an equivalent portion of rent paid on their residences by individuals who have attained age 62.

[AI summary unavailable — showing source text] Allows a tax credit under the Internal Revenue Code for State and local real property taxes paid in an equivalent portion to the rent paid on their residences by individuals who have attained the age of 62. Provides that where an individual has attained the age of 62 there shall be allowed as a credit the amount of real property taxes paid which were imposed by a State or political subdivision on property owned and used by him as a principal residence or rent constituting such taxes as defined by the Internal Revenue Code. Allows payment by the U.S. Treasury to taxpayers, to the extent of the difference between the credit and amount of such real property taxes, where tax imposed is less than real property taxes. Provides that the total credit payment for any taxable year shall not exceed $450 (or $225 in case of a single return). Reduces the amount of the credit allowed by the amount that the taxpayer's income exceeds $7,500 (or $3,725 in the case of a married person filing a separate return). Directs that the credit be applied collectively in cases of joint ownership. Provides that where the joint return of the husband or wife is filed the age requirement is met if either person i…