Sponsor:

Rep. Roe, Robert A. [D-NJ-8] (Introduced 01/04/1977)

Summary:

Summary: H.R.1270 — 95th Congress (1977-1978)

There is one summary for this bill. Bill summaries are authored by CRS. Shown Here:
Introduced in House (01/04/1977) 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 $500 or $250 in the case of a married individual filing a separate return. Reduces the allowable credit by an amount equal to 10 percent of the amount by which the taxpayer's adjusted gross income exceeds $9,000. 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 election of this credit shall prevent taking the allowable deductions for real property taxes.

Major Actions:

Summary: H.R.1270 — 95th Congress (1977-1978)

There is one summary for this bill. Bill summaries are authored by CRS. Shown Here:
Introduced in House (01/04/1977) 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 $500 or $250 in the case of a married individual filing a separate return. Reduces the allowable credit by an amount equal to 10 percent of the amount by which the taxpayer's adjusted gross income exceeds $9,000. 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 election of this credit shall prevent taking the allowable deductions for real property taxes.

Amendments:

Summary: H.R.1270 — 95th Congress (1977-1978)

There is one summary for this bill. Bill summaries are authored by CRS. Shown Here:
Introduced in House (01/04/1977) 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 $500 or $250 in the case of a married individual filing a separate return. Reduces the allowable credit by an amount equal to 10 percent of the amount by which the taxpayer's adjusted gross income exceeds $9,000. 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 election of this credit shall prevent taking the allowable deductions for real property taxes.

Cosponsors:

Summary: H.R.1270 — 95th Congress (1977-1978)

There is one summary for this bill. Bill summaries are authored by CRS. Shown Here:
Introduced in House (01/04/1977) 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 $500 or $250 in the case of a married individual filing a separate return. Reduces the allowable credit by an amount equal to 10 percent of the amount by which the taxpayer's adjusted gross income exceeds $9,000. 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 election of this credit shall prevent taking the allowable deductions for real property taxes.

Sponsor:

Rep. Roe, Robert A. [D-NJ-8] (Introduced 01/04/1977)

Summary:

Summary: H.R.1270 — 95th Congress (1977-1978)

There is one summary for this bill. Bill summaries are authored by CRS. Shown Here:
Introduced in House (01/04/1977) 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 $500 or $250 in the case of a married individual filing a separate return. Reduces the allowable credit by an amount equal to 10 percent of the amount by which the taxpayer's adjusted gross income exceeds $9,000. 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 election of this credit shall prevent taking the allowable deductions for real property taxes.

Major Actions:

Summary: H.R.1270 — 95th Congress (1977-1978)

There is one summary for this bill. Bill summaries are authored by CRS. Shown Here:
Introduced in House (01/04/1977) 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 $500 or $250 in the case of a married individual filing a separate return. Reduces the allowable credit by an amount equal to 10 percent of the amount by which the taxpayer's adjusted gross income exceeds $9,000. 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 election of this credit shall prevent taking the allowable deductions for real property taxes.

Amendments:

Summary: H.R.1270 — 95th Congress (1977-1978)

There is one summary for this bill. Bill summaries are authored by CRS. Shown Here:
Introduced in House (01/04/1977) 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 $500 or $250 in the case of a married individual filing a separate return. Reduces the allowable credit by an amount equal to 10 percent of the amount by which the taxpayer's adjusted gross income exceeds $9,000. 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 election of this credit shall prevent taking the allowable deductions for real property taxes.

Cosponsors:

Summary: H.R.1270 — 95th Congress (1977-1978)

There is one summary for this bill. Bill summaries are authored by CRS. Shown Here:
Introduced in House (01/04/1977) 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 $500 or $250 in the case of a married individual filing a separate return. Reduces the allowable credit by an amount equal to 10 percent of the amount by which the taxpayer's adjusted gross income exceeds $9,000. 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 election of this credit shall prevent taking the allowable deductions for real property taxes.