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S 1106 116th Congress Senate Taxation Housing supply and affordability Income tax credits Tax administration and collection, taxpayers

Rent Relief Act of 2019

Introduced: April 10, 2019 See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 10, 2019
Read twice and referred to the Committee on Finance.
Apr 10, 2019
Introduced in Senate
 Plain-English summary Congressional Research Service

Rent Relief Act of 2019

This bill allows 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 100% of the small area 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.

The Department of the Treasury must establish a program for making advance payments of the credit on a monthly basis.

What's happening now April 10, 2019

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 3