A bill to amend the Internal Revenue Code of 1954 to provide for certain individuals who have attained age 60 a credit against income tax for amounts paid for the maintenance of their principal residences.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to allow an individual who has attained age 60 before the close of a taxable year a nonrefundable income tax credit for expenses paid or incurred with respect to the maintenance of such individual's principal residence. Limits the dollar amount of such credit to $5,000 for any taxable year. Reduced such dollar amount by the aggregate amount of credits allowed for all prior years with respect to a residence. Reduces the amount of home maintenance expenses which may be taken into account for purposes of the credit by one-half of the amount by which the adjusted gross income of the taxpayer exceeds $30,000. Defines "qualified home maintenance expenses" as expenses which: (1) are allowable for the repair or maintenance of a taxpayer's principal residence under regulations prescribed by the Secretary of the Treasury; (2) are not allowable as an income tax deduction; and (3) are not properly chargeable to capital account. Provides that a married couple must file a joint return and that one spouse must have attained age 60 to qualify for the credit.…