3.0.0 3250 2023-01-11T13:41:48Z 2023-01-11T13:41:48Z Senate S 2018-07-19 115 ssfi00 Finance Committee Senate Standing Referred to 2018-07-19T20:02:27Z Rent Relief Act of 2018 115 6671 HR 2018-08-14 Referred to the House Committee on Ways and Means. Identical bill CRS Rent Relief Act of 2017 115 3670 HR 2017-09-01 Referred to the House Committee on Ways and Means. Related bill CRS 2018-07-19 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2018-07-19 Introduced in Senate IntroReferral 10000 9 Library of Congress H001075 Sen. Harris, Kamala D. [D-CA] Kamala Harris D CA D. N F000062 Sen. Feinstein, Dianne [D-CA] Dianne Feinstein D CA 2018-07-19 True B001277 Sen. Blumenthal, Richard [D-CT] Richard Blumenthal D CT 2018-07-19 True H001076 Sen. Hassan, Margaret Wood [D-NH] Maggie Hassan D NH 2018-07-19 True G000555 Sen. Gillibrand, Kirsten E. [D-NY] Kirsten Gillibrand D NY E. 2018-07-24 False M001176 Sen. Merkley, Jeff [D-OR] Jeff Merkley D OR 2018-08-23 False Taxation Housing supply and affordability Income tax credits Taxation 00 2018-07-19 Introduced in Senate 2018-08-08T12:52:31Z Rent Relief Act of 2018

This bill amends the Internal Revenue Code to allow a refundable tax credit for individuals who pay rent for a principal residence that exceeds 30% of the individual's gross income for the taxable year.

The amount of the credit ranges from 25% to 100% of the excess rent, depending on the gross income of the taxpayer. The credit is not available for taxpayers with gross income that exceeds $100,000 ($125,000 for a taxpayer whose principal residence is located in a high-cost area, as defined by the bill). Rent that exceeds 150% of the fair market rent (including the utility allowance) for the residence may not be taken into account for the purpose of determining the amount of the credit.

For individuals who reside in government-subsidized housing, the bill allows a credit equal to 1/12 of the rent paid by the taxpayer (and not subsidized under the program) during the year with respect to the residence.

]]> Rent Relief Act of 2018 Display Title Rent Relief Act of 2018 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to allow for a credit against tax for rent paid on the personal residence of the taxpayer. Introduced in Senate IS Short Titles as Introduced Rent Relief Act of 2018 Introduced in Senate 2018-07-19T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s3250is/xml/BILLS-115s3250is.xml 2018-07-19 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.