A bill to amend the Internal Revenue Code of 1954 to allow certain individuals who have attained age 65 or who are disabled a refundable tax credit for property taxes paid by them on their principal residences or for a certain portion of the rent they pay for their principal residences.

Summary

Allows a tax credit, under the Internal Revenue Code, equal to the amount of real property taxes paid or accrued by a taxpayer during the taxable year which were imposed by a state or political subdivision thereof or property owned and used by him as his principal residence during the taxable property year, and the amount of rent constituting real property taxes paid or incurred by him during the taxable year. Defines an eligible individual, for such credit, as an individual who has attained age 65 before the close of the taxable year; who is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or has lasted or can be expected to last for a continuous period of not less than 12 months; or who is blind. Limits such credit for any taxable year to $500 ($250 in the case of a separate return by a married individual). Reduces such credit for any taxable year by an amount equal to 10 percent of the excess (if any) of the adjusted gross income of the taxpayer over $9,000 ($4,500 in the case of a separate return by a married individual). Provides that for purposes of this Act an individual who is a tenant-stockholder in a cooperative housing corporation shall be treated as owning the house or apartment which he is entitled to occupy by reason of his ownership of stock in such corporation, and shall be treated as having paid real property taxes during the taxable year equal to his proportionate share of such taxes paid or incurred by such corporation.

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1 official file

• Introduced in House

  summary · EN · 9 October 1974

  Open at official source

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