Joint resolution providing for a study of the feasibility of establishing a Federal income tax credit for real property taxes paid by elderly persons, and of possible methods of reimbursing States and localities for certain revenue losses resulting from the granting of tax relief to elderly persons with respect to such taxes.

Provides for a study of the feasibility of establishing a Federal income tax credit for real property taxes paid by elderly persons, and of possible methods of reimbursing States and localities for revenue losses resulting from the granting of tax relief to elderly persons with respect to real property taxes which exceed 5 percent of the elderly persons incomes.