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Rent Relief Act: Tax Credit for Principal Residence Rent Payments

This new law introduces a tax credit for rent paid on a taxpayer's principal residence. Citizens spending more than 30% of their gross income on rent may be eligible for a refund, potentially easing their financial burden. The act also allows for monthly advance payments of this credit.
Key points
Tax credit available for rent paid on a principal residence if it exceeds 30% of gross income.
The credit amount varies with income – lower income means a higher percentage of the excess rent is credited.
Higher income thresholds for eligibility in high-cost areas.
Option to receive monthly advance payments of the credit, improving cash flow.
The law applies to tax years beginning after December 31, 2025.
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Status: Introduced
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Additional Information
Print number: 119_S_968
Sponsor: Sen. Warnock, Raphael G. [D-GA]
Process start date: 2025-03-11