A bill to allow a refundable income tax credit 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 individuals aged 65 or over an income tax credit 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 ($150 for married individuals filing separately). Reduces the allowable credit by the amount that the taxpayer's adjusted gross income exceeds $15,000. Extends the credit to married individuals filing jointly where either spouse has attained age 65.

Provides that the credit allowed by this Act shall not affect the taxpayer's allowable income tax deductions for real property taxes.