DE HB120

Create a new rental tax credit for low-income and elderly renters in Delaware, with credits up to a maximum of $250 per year.

Establish eligibility for renters age 60 or older, permanently disabled individuals receiving Social Security or Railroad Retirement benefits, or renters under 60 with dependent children and gross income below the federal poverty threshold who do not receive federal or state housing subsidies.

Calculate credit based on 15% of occupancy rent paid during the calendar year, minus a percentage of combined income: 0% of first $4,000, 2.5% of next $4,000, and 5.5% of income over $8,000.

Deny credit to renters with combined net worth exceeding $200,000 as of December 31, those exempt from property tax, or those receiving credits less than $1 annually.

Require Division of Revenue to promulgate rules and regulations by January 1, 2020, with applications submitted by September 1 following the calendar year for which relief is sought.