Bill > S02107

This bill establishes a renters' and small homeowners' tax credit in a city with a population of 1 million or more. A "qualified taxpayer" is defined as a resident individual who occupies and pays rent for their primary residence in such a city for at least 6 months of the taxable year, or the owner of a dwelling with 6 units or less who occupies it as their primary residence for at least 6 months of the taxable year. The credit amount varies based on the taxpayer's filing status, age, federal adjusted gross income, and number of exemptions claimed. The credit can be claimed on the taxpayer's state income tax return or, if the taxpayer is not required to file a return, through a separate claim filed within 3 years. The bill takes effect immediately.