New York bill A03215 proposes a tax credit for renters paying over 30% of their income in rent.

New York bill A03215 amends the tax law to create a "Rent relief credit" for qualified taxpayers. A qualified taxpayer is someone who leases their primary residence and pays more than 30% of their gross income in rent. The credit percentage varies based on income: 100% for incomes up to $25,000, 75% for incomes between $25,000 and $50,000, 50% for incomes between $50,000 and $75,000, 25% for incomes between $75,000 and $125,000, and 0% for incomes over $125,000. The credit is calculated based on the excess of 30% of the taxpayer's gross income paid in rent.

New York bill A03215 proposes a tax credit for renters paying over 30% of their income in rent.

New York bill A03215 amends the tax law to create a "Rent relief credit" for qualified taxpayers. A qualified taxpayer is someone who leases their primary residence and pays more than 30% of their gross income in rent. The credit percentage varies based on income: 100% for incomes up to $25,000, 75% for incomes between $25,000 and $50,000, 50% for incomes between $50,000 and $75,000, 25% for incomes between $75,000 and $125,000, and 0% for incomes over $125,000. The credit is calculated based on the excess of 30% of the taxpayer's gross income paid in rent.