Bill > S08142

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. The credit amount varies based on the taxpayer's gross income level, with 100% of the excess rent covered for those earning $25,000 or less, and decreasing percentages for higher income levels up to $100,000 (or $125,000 for those in areas with higher fair market rents). The bill also allows the credit to be applied to the excess rent not covered by any housing subsidy programs. The credit can be claimed as a refundable tax credit, and the bill authorizes the tax commissioner to issue rules and regulations for its implementation.