HB 2703 Summary

• Allocates a portion of conveyance tax revenues to the rental assistance revolving fund to subsidize rents for individuals and families with income not exceeding 30% of area median income as determined by the U.S. Department of Housing and Urban Development.

• Increases the income tax credit for low-income household renters (currently $50) to an unspecified amount for taxpayers with adjusted gross income under $30,000 who paid more than $1,000 in rent annually.

• Converts the state earned income tax credit from nonrefundable to refundable, allowing taxpayers with no income tax liability to receive refunds; changes the credit amount from 20% to an unspecified percentage of the federal earned income tax credit.

• Allows excess earned income tax credits exceeding tax liability to be refunded to taxpayers, with no refunds issued for amounts under $1.

• Takes effect January 1, 2050 for conveyance tax provisions and for taxable years beginning after December 31, 2017 for tax credit provisions.