A bill to amend the Internal Revenue Code of 1954 to allow certain individuals who have attained age 65 or who are disabled a refundable tax credit for property taxes paid by them on their principal residences or for a certain portion of the rent they pay for their principal residences.

Amends the Internal Revenue Code to allow an income tax credit to persons age 65 and over or to handicapped, disabled or blind individuals for real property taxes or rent paid or incurred by such individuals on property used as a principal residence. Limits the amount of such credit to $500 for the taxable year. Reduces the amount of such credit by ten percent of the excess of the taxpayer's adjusted gross income over $9,000.