Bill > A03736

This bill establishes a tax credit for renters with low incomes who pay more than 30% of their gross income in rent. Specifically, the bill allows a tax credit for qualified taxpayers whose income is less than 50% of the area median income, with the credit equal to 100% of the rent amount exceeding 30% of their gross income. The bill creates a mechanism for advance payments of this credit, where the tax commissioner can provide up to half the total credit amount in advance. Rent is defined broadly to include utility costs, and the credit is capped at 150% of the fair market rent as determined by the U.S. Department of Housing and Urban Development. If the credit amount exceeds the taxpayer's tax liability, the excess will be treated as an overpayment and can be refunded without interest. To be considered a qualified taxpayer, an individual must lease their primary residence and have an income below 50% of the area median income. The tax commissioner is granted authority to create rules and regulations for implementing this credit, and the bill will take effect on the first day of January following its passage, applying to taxable years commencing on or after that date.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A3736