A bill to amend the Internal Revenue Code of 1954 to allow certain low-and middle-income individuals a refundable tax credit for a certain portion of the property taxes paid by them on their principal residences or of the rent they pay for their principal residences.

Authorizes a tax credit, under the Internal Revenue Code, for the amount of an individual's real property taxes paid or accrued on the individual's principal residence plus the amount of rent incurred with respect to property used by such individual as a principal residence, if the sum of such amounts exceeds five percent of such individual's gross income for the taxable year.

Limits such credit to $250 for any taxable year.

Reduces such credit by five percent of the amount of excess of the taxpayer's adjusted gross income over $10,000, in the case of taxable years beginning in 1976; $15,000, in the case of taxable years beginning in 1977 and $20,000, in taxable years beginning after December 31, 1977.

Apportions such credit among two or more eligible taxpayers using the same principal residence based on such taxpayers' shares of the property tax or of the rent paid.