A bill to amend the Internal Revenue Code of 1954 to allow a credit for amounts paid by certain individuals over age 65 for qualifying real property taxes and rent constituting real property taxes with respect to such individual's principal residence.

Amends the Internal Revenue Code to allow a tax credit to individuals who have attained the age of 65 and who do not receive financial assistance in the form of a direct money grant under a State plan of public assistance to the poor, blind, or aged. Sets such credit at an amount equal to the amount in excess of 5 percent of the Household income of an eligible individual for real property taxes, or if renting, 15 percent of the rent, but in either event not to exceed $500. Restricts such credit to the taxpayer's principal residence.