Establishes a tax credit for rent paid on the personal residence of certain taxpayers.
The bill establishes 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 calculated as a percentage of the excess rent paid, varying based on the taxpayer's gross income. The credit is applied against the tax imposed by the tax law.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
Analyze for Free
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.