A bill to allow a credit against Federal income taxes or a payment from the United States Treasury for State and local real property taxes or an equivalent portion of rent paid on their residences by individuals who have attained age 65.

Summary

Amends the Internal Revenue Code to allow individuals age 65 or over an income tax credit for the real property taxes, or 25 percent of the rent (exclusive of charges for utilities, furnishing, services, etc.), paid on their principal residences. Limits the credit to $300 (or $150 for married individuals filing separately). Reduces the allowable credit by the amount that the taxpayer's adjusted gross income exceeds $10,000. 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.

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Timeline

1. 22 January 1981

   Introduced

   Introduced in House

   Source: IntroReferral

2. 22 January 1981

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

3. 22 January 1981

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 22 January 1981

  Open at official source

Sponsors

• Rep. Lehman, William [D-FL-17] · D · Sponsor
• Rep. Pepper, Claude [D-FL-18] · D · Sponsor
• · hswm00 · Standing

Related records

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