Residential Property Tax Relief Act

[AI summary unavailable — showing source text] Residential Property Tax Relief Act - Allows homeowners a Federal tax credit under the Internal Revenue Code for up to $150 of property taxes paid for the support of public schools. Provides that a person over age 62 who has paid more than 5 percent of his total income in property taxes shall not be limited to the amount of income tax payable for the taxable year in determining the amount of such credit.…