Residential Property Tax Relief Act

Residential Property Tax Relief Act - Allows each individual a credit against the income tax imposed by the Internal Revenue Code of 1954, equal to the amount paid by such individual in State and local residential property taxes which are imposed for the support of public elementary and secondary education. Provides that such taxes may not exceed the lesser of (1) $150 ($75 in the case of a married individual filing a separate return), or (2) the amount of the tax imposed by the Code for the taxable year reduced by the sum of the credits allowed under such Code.

Provides that the credit allowed under this Act and the deduction allowed under the Code for State and residential property taxes shall not exceed the amount of residential property taxes paid for the support of public elementary and secondary education. (Adds 26 U.S.C. 42)