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Tax Credit for Landlords Reducing Rent for Tenants.

This act introduces a new tax credit for property owners who reduce rent for their tenants under state rental reduction programs. The goal is to support low-income individuals by lowering housing costs, while encouraging landlords to offer more affordable rates. The program aims to stabilize housing situations for many families.
Key points
Property owners can receive a tax credit for reducing rent for income-eligible tenants.
The program aims to support low-income renters by providing more affordable housing conditions.
States will develop allocation plans to ensure fair access to credits and monitor their use.
Tenant protections are included, such as prohibiting eviction without good cause and prioritizing tenants moving from other qualified buildings.
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Additional Information
Renters Tax Credit Act of 2021
Print number: S 2554
Sponsor: Sen. Brown, Sherrod [D-OH]
Process start date: 2021-07-29