A bill to amend the Internal Revenue Code of 1954 to provide relief to certain individuals 62 or more years of age, or disabled and 60 or more years of age, who own or rent their homes, through a system of income tax credits and refunds.

[AI summary unavailable — showing source text] Allows a tax credit under the Internal Revenue Code for state and local real property taxes or an equivalent portion of rent paid on their residences by individuals who have attained the 62, or is disabled and attained the age of 60. 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. Provides that the total credit payment for any taxable year shall not exceed $500. Provides that where the joint return of the husband or wife is filed, the age requirement is met if either person is 62 or older. Provides that an individual who is a tenant-stockholder in a cooperative housing corporation shall be treated as owning the house or apartment which he occupies and such person shall be treated as having paid real property taxes equal to the deduction allowable in direct proportion to taxes actually paid on a particular residence where during the taxable year there has been a change in residence. Provides that the term "rent c…