A bill to amend the Internal Revenue Code of 1954 to allow a credit for amounts paid by certain individuals over age 65 for qualifying real property taxes and rent constituting real property taxes with respect to such individual's principal residence.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to allow a tax credit to individuals who have attained the age of 65 and who do not receive financial assistance in the form of a direct money grant under a State plan of public assistance to the poor, blind, or aged. Sets such credit at an amount equal to the amount in excess of 5 percent of the Household income of an eligible individual for real property taxes, or if renting, 15 percent of the rent, but in either event not to exceed $500. Restricts such credit to the taxpayer's principal residence.…