A bill to amend the Internal Revenue Code of 1954 to provide a credit against tax with respect to State and local property taxes.

[AI summary unavailable — showing source text] Provides a credit against tax imposed under the Internal Revenue Code for State and local property taxes paid by a person 65 years of age or older on his or her principal residence. Allows to such persons who lease their principal residence an amount equal to the applicable percentage of such individual's annual rental payment for such residence.…