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] Permits a taxpayer who has attained the age of sixty- two to take a credit of up to $450 against his income tax for real property taxes paid by him, or for the amount of his rent constituting such taxes. Reduces the amount of such credit for taxpayers having an adjusted gross income over $7,500.…