Bill > S01026

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. The credit is capped at 150% of the fair market rent for the residence. If the credit amount exceeds the taxpayer's tax liability, the excess is treated as an overpayment to be refunded. The bill also authorizes the tax commissioner to promulgate rules and regulations for the administration of the credit.