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.

Amends the Internal Revenue Code to allow persons aged 65 or over to take a credit against the income tax for the real property taxes, or 25 percent of the rent (exclusive of charges for utilities, furnishings, services, etc.) paid on their principal residence.

Limits the credit to $300, or $150 in the case of a married individual filing a separate return. Reduces the allowable credit by an amount equal to the amount by which the taxpayer's adjusted gross income exceeds $6,500. Extends the credit to married individuals filing jointly where either spouse has attained the age of 65. Provides that the credit and limitations shall be applied collectively to unmarried joint owners.

Limits the credit to those expenditures attributable to that part of property which is actually used as the principal residence, where the property is used for other purposes also.

Provides that the credit allowed by this Act shall not affect the taxpayers' allowable deductions for real property taxes.