Establishes a renters' and small homeowners' credit for residents in cities with a population of one million or more.

The bill establishes a renters' and small homeowners' credit in cities with a population of one million or more. A qualified taxpayer is a resident who has occupied their residence for six months or more and is required or chooses to file a return. The credit amount varies based on the taxpayer's federal adjusted gross income and number of exemptions. For taxpayers aged 65 and older, the credit amount is higher. The credit is allowed against the taxes imposed by the tax law, reduced by other credits permitted by the tax law. The act takes effect immediately.

Establishes a renters' and small homeowners' credit for residents in cities with a population of one million or more.

The bill establishes a renters' and small homeowners' credit in cities with a population of one million or more. A qualified taxpayer is a resident who has occupied their residence for six months or more and is required or chooses to file a return. The credit amount varies based on the taxpayer's federal adjusted gross income and number of exemptions. For taxpayers aged 65 and older, the credit amount is higher. The credit is allowed against the taxes imposed by the tax law, reduced by other credits permitted by the tax law. The act takes effect immediately.