Establishes a tax credit for rent paid on the personal residence of certain taxpayers.

New York A03736 amends the tax law to establish a tax credit for rent paid on the personal residence of certain taxpayers who lease their primary residence during the taxable year and pay rent exceeding thirty percent of their gross income. The credit is available to taxpayers whose income is less than fifty percent of the area median income. The credit is computed as one hundred percent of the excess of thirty percent of the taxpayer's gross income paid in rent. The commissioner can establish a mechanism for advance payments of the credit, and eligible taxpayers can apply for such payments.

Establishes a tax credit for rent paid on the personal residence of certain taxpayers.

New York A03736 amends the tax law to establish a tax credit for rent paid on the personal residence of certain taxpayers who lease their primary residence during the taxable year and pay rent exceeding thirty percent of their gross income. The credit is available to taxpayers whose income is less than fifty percent of the area median income. The credit is computed as one hundred percent of the excess of thirty percent of the taxpayer's gross income paid in rent. The commissioner can establish a mechanism for advance payments of the credit, and eligible taxpayers can apply for such payments.