A bill to allow a credit against Federal income taxes or a payment from the United States Treasury for State and local real property taxes or an equivalent portion of rent paid on their residences by individuals who have attained age 65.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to allow individuals age 65 or over an income tax credit for the real property taxes, or 25 percent of the rent (exclusive of charges for utilities, furnishings, services, etc.), paid on their principal residence. Limits the credit to $300, or $150 for married individuals filing separately. Reduces the allowable credit by the amount that the taxpayer's adjusted gross income exceeds $6,500. Extends the credit to married individuals filing jointly where either spouse has attained age 65. Provides that the credit allowed by this Act shall not affect the taxpayer's allowable income tax deductions for real property taxes.…