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

Allows a tax credit under the Internal Revenue Code for property taxes or rent constituting property taxes to persons 65 and over.

Determines the amount of such credit on the basis of the household's income and of such household's eligible property taxes and rent. Defines "eligible property taxes and rent" as the lesser of (1) the sum of property taxes plus rent constituting property taxes, or (2) $800.

Allows an income tax deduction for property taxes for which such a credit is given.

Allows appeals to the Tax Court of denials of such credit.