Older Americans Relief Act

Older Americans Relief Act. Title I: Amendments to Social Security Act and Internal Revenue Code of 1954 - Amends Title II (Old-Age, Survivors, and Disability Insurance) of the Social Security Act to decrease from 72 to 65 the age at which earnings limitations are no longer applicable. Provides benefits under such title to husbands, widowers, and fathers on the same basis as wives, widows, and mothers who presently receive benefits. Eliminates the five month waiting period which is presently a prerequisite of eligibility for disability insurance benefits. Continues benefit entitlement under Title II through the month of the insured individual's death.

Amends the Internal Revenue Code of 1954 and Title II of the Social Security Act to allow an individual who has attained age 65 to elect to treat any employment or self- employment performed by such individual as not covered for social security benefit purposes and exempt from social security taxes. Requires that such election be irrevocable for such taxable year. Sets forth the applicability of, manner of, and special refunds arising out of, such exemption.

Eliminates marriage or remarriage of a beneficiary as a factor in terminating or reducing the amount of benefits available under Title II. Permits adopted children to qualify for benefits without regard to time of adoption. Eliminates the reconsideration stage in benefits determinations. Provides for the issuance of duplicate benefit checks where the initial checks are lost or delayed. Provides for expedited benefit payments to disability beneficiaries. Directs that attorneys of successful claimants for past due benefits be paid by the Secretary of Health, Education and Welfare out of appropriated funds and not out of such benefits.

Authorizes direct payments to physicians and other providers at their option under the supplementary medical insurance program of Title XVIII (Medicare) of the Social Security Act.

Amends the Internal Revenue Code of 1954 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 five percent of the household income of an eligible individual which was paid for qualifying real property taxes, or rent constituting real property tax but in either event not to exceed $500. Restricts such credit to the taxpayer's principal residence. Authorizes a tax exclusion from gross income of $1,000 on amounts received as dividends or interest on deposits or withdrawable accounts in a domestic savings and loan association, bank, credit union, or similar thrift institutions.

Title II: Amendments to Title 18, United States Code Mandatory Penalties for Use of Firearms During Felonies - Requires that whoever uses or carries a firearm during the commission of a felony which may be prosecuted in a Federal court be sentenced to a term of imprisonment for not less than five nor more than fifteen years in addition to the punishment provided for such felony. Requires that in the case of a second or subsequent such conviction, the felon be sentenced to a term of imprisonment for not less than 10 nor more than 30 years.

Imposes, in addition to existing punishment, a penalty of imprisonment for not less than one nor more than five years, a fine of not more than $5,000, or both, on anyone who transports, receives, or sells any stolen firearm or stolen ammunition, which constitutes a part of interstate or foreign commerce while knowing or having reasonable cause to believe the firearm or ammunition was stolen.. Increases penalties on an individual who steals, knowingly converts to use, or knowingly receives a converted firearm of the United States or any of its departments and agencies.

Title III: Congressional Budget - Amends the Congressional Budget Act of 1974 to direct that the appropriate level of total budget outlays for fiscal year 1977 shall not exceed the recommended level of Federal revenues by more than seven percent; for fiscal year 1978 by four percent of such level; and for fiscal year 1979, and each year thereafter, the budget outlay shall not exceed the recommended level of Federal revenues.