Bill > S03861

This bill establishes the renters' and small homeowners' credit in a city with a population of a million or more. The bill defines a "qualified taxpayer" as a resident individual who lives in such a city, has occupied and paid rent for their primary residence in the city for at least six months of the taxable year, and meets certain age, filing status, or dependent criteria. The bill sets out the credit amounts based on the qualified taxpayer's federal adjusted gross income, with higher credit amounts for those with lower incomes and additional credits based on the number of exemptions claimed. The credit can be claimed by filing a return with the tax commissioner, and the excess credit over taxes owed can be treated as an overpayment to be refunded.