Bill > A03215

This bill establishes a new tax credit for renters who pay more than 30% of their gross income in rent, with the credit amount varying based on the taxpayer's income level. Specifically, the bill creates a graduated tax credit for qualified taxpayers, where those with lower incomes receive a higher percentage of rent relief. For example, taxpayers earning $25,000 or less can receive 100% of their rent expenses above 30% of their gross income, while those earning between $75,000 and $100,000 can receive 25% of such expenses. The bill includes special provisions for areas with specific housing market characteristics and for residents whose rent is partially subsidized by federal, state, local, or tribal programs. The credit is refundable, meaning if the credit amount exceeds the taxpayer's tax liability, the excess will be treated as an overpayment and can be refunded. To qualify, an individual must lease their primary residence and pay rent exceeding 30% of their gross income. The bill also limits the maximum rent considered for the credit to 150% of the fair market rent published by the U.S. Department of Housing and Urban Development. The tax credit will take effect on the first day of January following the bill's enactment and will apply to taxable years starting from that date.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A3215