Bill > S05808

This bill establishes a new tax credit for low-income renters who pay more than 30% of their gross income in rent. Specifically, the bill provides a credit for qualified taxpayers whose income is less than 50% of the area median income, allowing them to receive a credit equal to 100% of the rent paid above 30% of their gross income. The bill includes provisions for advance payments of the credit, with the tax commissioner empowered to develop a mechanism for taxpayers to apply for and receive these payments. Qualified taxpayers can receive up to half of their total expected credit in advance, and can continue to receive advance payments in future years without reapplying if they remain eligible. The credit is subject to a limitation based on fair market rent published by the 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. The bill defines a qualified taxpayer as an individual leasing their primary residence with an income below 50% of the area median income, and includes utility payments in the definition of rent. The tax credit will take effect on the first day of January following the bill's passage and will apply to taxable years starting on or after that date.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S5808