A bill to amend the Internal Revenue Code of 1954 to allow individuals who have attained age 65 a nonrefundable tax credit for property taxes paid by them on their principal residences or for a certain portion of the rent they pay for their principal residences.

Allows individuals who have attained age 65 a nonrefundable tax credit under the Internal Revenue Code of 50 percent of the property taxes paid by them on their principal residences or for the portion of the rent they pay for their principal residence allocable to property taxes (reduced by 2 percent for each $1,000 of adjusted gross income in excess of $500).