A bill to allow a credit against the Federal income tax for State and local real property taxes, or an equivalent portion of rent, paid on their principal residence by individuals who have attained age 62.

Allows a tax credit under the Internal Revenue Code for State and local real property taxes on places of principal residence for the amount of rent constituting real property tax for individuals 62 and over.

Limits such credit to $450.

Reduces such credit by the amount by which an individual's adjusted gross income exceeds $3,750.

Allows such credit where either spouse (where a joint return is involved) has reached age 62.

Prescribes such credit allowance for property used in part as the principal residence.

Allows such a credit for tenant-stockholders in cooperative housing corporations.

States that the amount of real property taxes paid by an individual during any taxable year shall be reduced by the amount of any refund of such taxes.