Bill > A06868

This bill establishes a tax credit for rent paid on the personal residence of certain taxpayers. Specifically, the bill allows a tax credit equal to 100% of the excess of 30% of the taxpayer's gross income that the taxpayer pays in rent, for taxpayers whose income is less than 50% of the area median income. The bill also provides for advance payments of the credit and sets forth various administrative provisions, including limitations on the amount of the credit and the commissioner's authority to promulgate rules and regulations. The bill applies to taxable years commencing on and after the effective date, which is the first of January next succeeding the date the bill becomes a law.