Summary: H.R.4869 — 96th Congress (1979-1980)All Information (Except Text)

There is one summary for H.R.4869. Bill summaries are authored by CRS.

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Introduced in House (07/19/1979)

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.