Bill > S06801

This 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 that exceeds 30% of their gross income for that year. The amount of the credit varies based on the taxpayer's income level, with higher-income taxpayers receiving a smaller credit or no credit at all. The bill also includes provisions for taxpayers whose primary residence is located in areas where the small area fair market rent is used for the federal housing choice voucher program, as well as for taxpayers whose rent is subsidized under a federal, state, local, or tribal program. The bill sets a limitation on the amount of rent that can be taken into account for the credit and authorizes the tax commissioner to promulgate rules and regulations necessary for the implementation of the credit.