A bill to amend the Internal Revenue Code of 1954 to provide a credit or a deduction for maintaining a household which includes as a member a dependent who has attained the age of sixty-five, and to provide a deduction for amounts contributed under a trust established for a handicapped relative or a parent who has attained the age of sixty-five.

Amends the Internal Revenue Code to allow a taxpayer to elect either an income tax credit of $250 or an income tax deduction of $1,000 for maintaining a household which includes as a member a dependent age 65 or over.

Provides an income tax deduction for the amount contributed to a trust established to provide care to a handicapped relative or parent who has attained the age of 65. Limits the deduction to $3,000 for each beneficiary.