The bill amends the Taxpayer Relief Act of June 27, 2006, specifically focusing on the definition of "income" as it pertains to senior citizens' property tax and rent rebate assistance. Key changes include an increase in the exempt amount of death benefit payments from $5,000 to $10,000, which will not be counted as income. Additionally, the bill clarifies that individuals who are eligible for property tax or rent rebates as of December 31, 2012, will maintain their eligibility even if their household income exceeds the limit due to a Social Security cost-of-living adjustment, with this provision set to expire on December 31, 2016.

Overall, the bill aims to provide greater financial relief to senior citizens by adjusting the income definition to better accommodate their needs, particularly in light of Social Security adjustments and the treatment of certain benefits. The changes are intended to ensure that more seniors can access property tax and rent rebates without being penalized for increases in their income that are beyond their control. The act will take effect 60 days after its passage.