Older Americans Assistance Act

Older Americans Assistance Act - Establishes the Real Property Tax Relief Trust Fund. Authorizes appropriations to the fund of $500,000,000 for fiscal year 1976, $500,000,000 for fiscal year 1977, and $500, 000,000 for fiscal year 1978.

Directs the Secretary to the Treasury to pay specified amounts from the Trust Fund to States with qualifying real property tax relief programs. Defines "qualifying real property tax relief program" as meaning a program established by any State which provides low-or moderate-income households where the head of the household has attained the age of 65 with a credit against the State income or property for all or a portion of real property taxes.

States that amounts paid to States from the Trust Fund shall not exceed 50 percent of the revenue loss under the real property tax relief program of such State.