To provide relief to certain individuals 62 years of age and over who own or rent their homes, through income tax credits and refunds.

[AI summary unavailable — showing source text] Allows a credit against income taxes inposed by the Internal Revenue Code of 1954 based upon the amount of property taxes or rent constituting property taxes accrued for a taxable year by claimants filing a claim under this Act who are domiciled in the United States and 62 years of age or over during the entire taxable year preceding the year in which such claim is filed. Defines the terms used in this Act. Requires claimants under this Act to supply reasonable proof of age, rent paid, property taxes accrued, changes of homestead, household membership, household income, size, and nature of property claimed as the homestead. Permits any person aggrieved by the denial of relief claimed under this Act to appeal such denial to the U.S. Tax Court. (Adds 26 U.S.C. 1601-1605)…