Rent Relief Act

On July 16, 2018, Senator Kamala Harris (D-CA) introduced the Rent Relief Act of 2018 (S. 3250) proposing to create a refundable tax credit for renters paying more than 30% of their gross income on housing annually. As per the proposal, households earning $25,000 or less would receive a dollar for dollar tax credit. The credit would be available to households earning up to $100,000 ($125,000 in high cost areas) based on a tiered system in which the credit would be phased out based on income level. The total tax credit a household could receive would be limited to rent paid up to 150% of the fair market rent for the applicable area. The bill would also make households living in government-subsidized housing eligible to receive an annual tax credit equal to the value of the tenant-paid portion of one month’s rent for the household.

 

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