A bill to amend the Internal Revenue Code of 1954 to allow individuals a refundable tax credit for a portion of the rent which they pay on their principal residences and which is attributable to real property taxes.

Amends the Internal Revenue Code to allow renters of their principal residence an income tax credit for 25 percent of their proportionate share of the State and local real property taxes imposed upon the property on which their residence is located. Stipulates that the amount of the allowable credit may not exceed the amount of rent paid by the taxpayer during the taxable year.