Bill > S01240

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 in excess of 30% of their gross income for that year. The credit amount varies based on the taxpayer's income level, with higher earners receiving a lower percentage of the excess rent paid. There are also special provisions for taxpayers living in areas where the small area fair market rent is used for federal housing voucher purposes, as well as for those whose rent is subsidized under a government program. The credit can be claimed as an overpayment of tax, and the tax commissioner has the authority to issue rules and regulations for its implementation.