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

Amends the Internal Revenue Code to allow individuals who are renters of their principal residence an income tax credit of 20 percent of their proportionate share of the State and local real property taxes imposed upon the property on which the residence is located. Limits the amount of the credit to the amount of rent paid by the taxpayer during the taxable year.