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.

Allows individuals who have attained age 65 or who are disabled a refundable tax credit of up to $500, under the Internal Revenue Code of 1954, for property taxes paid by them on their principal residences or for a portion of the rent attributable to property taxes they pay for their principal residences during the taxable year.

Reduces the credit available under this Act by 10 percent of the individual's adjusted gross income in excess of $9,000. Disallows the tax deduction for such taxes when a tax credit is taken.