Bill > A01182

This bill establishes a tax credit for rent paid on the personal residence of certain taxpayers. The credit is available to qualified taxpayers, defined as individuals who lease their primary residence and pay rent in excess of 30% of their gross income for the taxable year. The amount of the credit varies based on the taxpayer's gross income, ranging from 100% of the excess rent for those with incomes of $25,000 or less, to 0% for those with incomes of $100,000 or more. The bill also includes special provisions for taxpayers in areas with small area fair market rents and those with subsidized rent. The credit can be claimed as an overpayment of tax, and the bill authorizes the Commissioner to promulgate rules and regulations for its administration.