A bill to amend the Internal Revenue Code of 1954 to allow certain elderly or disabled individuals a refundable income tax credit for a certain portion of the property taxes paid by them on their principal residences.

Amends the Internal Revenue Code to allow individual taxpayers aged 65 or older and disabled individuals aged 62 or older a refundable income tax credit for real property taxes paid by them with respect to their principal residences. Limits the amount of such credit to $600 for a taxable year. Reduces the amount of such credit by six percent of the amount by which the taxpayer's adjusted gross income exceeds $11,000.