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

[AI summary unavailable — showing source text] Allows a credit against Federal income tax under the Internal Revenue Code for State and local real property taxes, or an equivalent portion of rent, paid on principal residences by individuals who have attained age 62. Limits the total amount allowable as a credit to $450. Provides for specified limits where (1) adjusted gross income is over $7,500; (2) there is joint ownership of property; and (3) there is a joint rental of property. Prescribes special rules when (1) the property is used in part as a principal residence; (2) the individual is a tenant-stockholder in a cooperative housing corporation; and (3) there is a sale or purchase of a principal residence.…