Bill > S04705

This bill establishes a renters' and small homeowners' tax credit in a city with a population of one million or more. The key provisions include: 1. Defining a "qualified taxpayer" as a resident individual who lives in a city with a population of one million or more, has occupied and paid rent for their primary residence in such city for six months or more of the taxable year, and meets certain age, filing status, or dependency requirements. It also includes owners of dwellings with six units or less who occupy such dwelling as their primary residence. 2. Allowing qualified taxpayers to claim a credit against their state income taxes, with the amount of the credit varying based on their federal adjusted gross income and number of exemptions claimed. 3. Providing that if more than one qualified taxpayer pays rent for the same primary residence, the credit is divided among them, but any additional credit amount based on the number of exemptions is not divided. 4. Allowing qualified taxpayers to claim either this credit or the existing renters' credit, whichever is higher. The bill is intended to provide financial assistance to renters and small homeowners in cities with large populations, such as New York City.