US SB3250 | 2017-2018 | 115th Congress
Status
Spectrum: Partisan Bill (Democrat 6-0)
Status: Introduced on July 19 2018 - 25% progression, died in committee
Action: 2018-07-19 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on July 19 2018 - 25% progression, died in committee
Action: 2018-07-19 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
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.
Title
Rent Relief Act of 2018
Sponsors
Sen. Kamala Harris [D-CA] | Sen. Dianne Feinstein [D-CA] | Sen. Richard Blumenthal [D-CT] | Sen. Margaret Hassan [D-NH] |
Sen. Kirsten Gillibrand [D-NY] | Sen. Jeff Merkley [D-OR] |
History
Date | Chamber | Action |
---|---|---|
2018-07-19 | Senate | Read twice and referred to the Committee on Finance. |
Same As/Similar To
HB3670 (Related) 2017-09-01 - Referred to the House Committee on Ways and Means.
HB6671 (Same As) 2018-08-14 - Referred to the House Committee on Ways and Means.
HB6671 (Same As) 2018-08-14 - Referred to the House Committee on Ways and Means.
Subjects
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/115th-congress/senate-bill/3250/all-info |
Text | https://www.congress.gov/115/bills/s3250/BILLS-115s3250is.pdf |