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

Allows a credit against Federal income tax for State and local real property taxes or an equivalent portion of rent paid on their residence by individuals who have attained age 65.

Limits the amount of such a credit to $750. (Amends 26 U.S.C. 39)