Massachusetts H3260 allows for a tax credit for rent paid on personal residences, capped at 125% of fair market rent.

Massachusetts H3260 amends the state's tax laws to allow for a tax credit for rent paid on personal residences. The credit is available for rent amounts up to 125% of the fair market rent, as determined by the United States Department of Housing and Urban Development. The credit percentage varies based on the taxpayer's gross income, ranging from 100% for incomes up to $25,000 to 25% for incomes over $75,000 but not over $100,000. This act takes effect for tax years beginning on or after January 1, 2024.

Massachusetts H3260 allows for a tax credit for rent paid on personal residences, capped at 125% of fair market rent.

Massachusetts H3260 amends the state's tax laws to allow for a tax credit for rent paid on personal residences. The credit is available for rent amounts up to 125% of the fair market rent, as determined by the United States Department of Housing and Urban Development. The credit percentage varies based on the taxpayer's gross income, ranging from 100% for incomes up to $25,000 to 25% for incomes over $75,000 but not over $100,000. This act takes effect for tax years beginning on or after January 1, 2024.