A bill to amend the Internal Revenue Code of 1954 to allow certain individuals who have attained age 62 a refundable tax credit for the amount of the Federal excise tax imposed on gasoline purchased by such individuals for use in their motor vehicles.

Allows individuals who have attained age 62 a tax credit against their Federal income tax equal to the amount of excise tax on gasoline paid during the taxable year, when such tax is not deductible as a business expense. Provides that such tax credit shall be reduced by an amount equal to 50 percent of the excess of the adjusted gross income over $5,000, or $2,500 in the case of a separate return by a married person.

Makes technical and conforming amendments to the Internal Revenue Code of 1954.

Provides that the amendments made by this Act shall apply to taxable years beginning after December 31, 1974.