Older Americans' Tax Savings Act

Older Americans' Tax Savings Act - Allows a reimbursement under the Internal Revenue Code for property taxes to persons 65 and over. Limits such reimbursement to the lesser of $480, or the property taxes accrued, and to claimant whose household income is lower than $5,000.

Requires such reimbursement to be made in 12 monthly installments.

Allows appeals to the Tax Court of denials of claims for such reimbursement.

Disallows an income tax deduction for taxes for which a reimbursement is given.