A bill to amend the Internal Revenue Code of 1954 to provide relief to certain individuals 62 years of age and over who own or rent their homes, through a system of income tax credits and refunds.

Summary

Allows an income tax credit under the Internal Revenue Code to a claimant who is domiciled in the United States and 62 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 to make available suitable forms with instructions for claimants, including a form which may be included with or a part of the lindividual 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 30 days after such denial. (Adds 26 U.S.C. 1601-1605)

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Timeline

1. 30 January 1973

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 30 January 1973

   Introduced

   Introduced in House

   Source: IntroReferral

3. 30 January 1973

   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 · 30 January 1973

  Open at official source

Sponsors

• Rep. Hansen, Orval [R-ID-2] · R · Sponsor
• · hswm00 · Standing

Related records

• related to → A bill to amend the Internal Revenue Code of 1954 to provide relief to certain individuals 62 years of age and over who own or rent their homes, through a system of income tax credits and refunds.