A bill to allow a credit against Federal income taxes or a payment from the U.S. 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

Allows an income tax credit under the Internal Revenue Code to a claimant who is domiciled in the United States and 65 years of age for a taxable year for the property taxes accrued or 25 percent of the gross rent actually paid by a household solely for its right of occupancy for such taxable year, or both. Sets forth a table of claims allowed under the provisions of this Act, based on household income and taxes paid. Directs the Secretary of the Treasury or his delegate to make available suitable forms with instructions for claimants, including a form which may be included with or a part of the individual income tax form. Allows any person aggrieved by the denial in whole or in part of relief to appeal such denial to the Tax Court by filing a petition with such court within 90 days after such denial. (Adds 26 U.S.C. 1601-1605).

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Documents

1 official file

• Introduced in House

  summary · EN · 19 February 1974

  Open at official source

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