A bill to allow a credit against Federal income taxes or payments 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

Amends the Internal Revenue Code to allow persons aged 65 or over a refundable credit against the income tax for the real property taxes, or 25 percent of the rent (exclusive of charges for utilities, furnishings, services, etc.) paid on their principal residences. Limits the credit to $300, or $150 in the case of a married individual filing a separate return. Reduces the allowable credit by an amount equal to the amount by which the taxpayer's adjusted gross income exceeds $6,500. Extends the credit to married individuals filing jointly where either spouse has attained the age of 65. Provides that the credit and limitations shall be applied collectively to unmarried joint owners. Limits the credit to those expenditures attributable to that part of property which is actually used as the principal residence, where the property is used for other purposes also. Provides that credit allowed by this Act shall not affect the taxpayers' allowable deductions for real property taxes.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 26 January 1977

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 26 January 1977

   Introduced

   Introduced in House

   Source: IntroReferral

3. 26 January 1977

   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 · 26 January 1977

  Open at official source

Sponsors

• Rep. Rangel, Charles B. [D-NY-19] · D · Sponsor
• · hswm00 · Standing

Related records

• related to → 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.