Senate Bill Would Establish Tax Credit for Renters

On July 19, Senator Kamala Harris (D-CA) introduced The Rent Relief Act of 2018 (S. 3250) to provide renters with a refundable credit against their federal tax liability for the rent and utilities they pay in excess of 30 percent of their gross annual income. The value of the tax cut would depend on annual income, phasing out entirely for households earning more than $100,000 ($125,000 in high-cost areas). The bill would also make households living in government-subsidized housing eligible to receive an annual tax credit equal to the value of the tenant-paid portion of one month’s rent for the household. See an NCSHA blog post for more information. [end]

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