Increases the renter's income tax deduction in Massachusetts to $6,000 and expands eligibility.

The bill updates and expands the renter's income tax deduction in Massachusetts. It raises the maximum deduction from $3,000 to $6,000 for taxpayers who pay rent for their principal residence in the state. Additionally, it modifies the credit calculation to be 5% of 50% of the total rent paid by the taxpayer in excess of $12,000, with a cap of $200 for eligible individuals. This change aims to provide greater tax relief to renters in the commonwealth.

Increases the renter's income tax deduction in Massachusetts to $6,000 and expands eligibility.

The bill updates and expands the renter's income tax deduction in Massachusetts. It raises the maximum deduction from $3,000 to $6,000 for taxpayers who pay rent for their principal residence in the state. Additionally, it modifies the credit calculation to be 5% of 50% of the total rent paid by the taxpayer in excess of $12,000, with a cap of $200 for eligible individuals. This change aims to provide greater tax relief to renters in the commonwealth.