A bill to allow a credit against the Federal income tax for State and local real property taxes, or an equivalent portion of rent, paid on their principal residences by individuals who have attained age 62.

Summary

Allows a credit against Federal income tax under the Internal Revenue Code for State and local real property taxes, or an equivalent portion of rent, paid on principal residences by individuals who have attained age 62. Limits the total amount allowable as a credit to $450. Provides for specified limits where (1) adjusted gross income is over $7,500; (2) there is joint ownership of property; and (3) there is a joint rental of property. Prescribes special rules when (1) the property is used in part as a principal residence; (2) the individual is a tenant-stockholder in a cooperative housing corporation; and (3) there is a sale or purchase of a principal residence.

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

Timeline

1. 6 March 1973

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 6 March 1973

   Introduced

   Introduced in House

   Source: IntroReferral

3. 6 March 1973

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 6 March 1973

  Open at official source

Sponsors

• Rep. Pritchard, Joel [R-WA-1] · R · Sponsor
• · hswm00 · Standing

Related records

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