A bill to amend the Internal Revenue Code of 1954 to allow individuals a refundable tax credit for a portion of the rent which they pay on their principal residences and which is attributable to real property taxes.

Summary

Amends the Internal Revenue Code to allow individuals who are renters of their principal residences an income tax credit for 25 percent of their proportionate share of the State and local real property taxes imposed upon the property on which the residence is located. Limits the amount of the credit to the amount of rent paid by the taxpayer during the taxable year.

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Documents

1 official file

• Introduced in House

  summary · EN · 22 January 1981

  Open at official source

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