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HI SB885
Bill
AI Summary
- Removes the $30,000 adjusted gross income cap for the low-income household renters credit, making it available to households with higher incomes based on filing status
- Increases the maximum tax credit from $50 to $150 per qualified exemption
- Establishes three-tiered income thresholds with graduated credit amounts based on filing status: single/married filing separately (up to $37,500 AGI), head of household (up to $56,250 AGI), and joint return/surviving spouse (up to $75,000 AGI)
- Maintains the requirement that taxpayers must have paid more than $1,000 in rent during the taxable year to claim the credit
- Allows taxpayers age 65 and over to claim double the tax credit; effective for taxable years beginning after December 31, 2019
Legislative Description
Relating To The Low-income Household Renters Credit.
Income Tax Credit
Last Action
Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with none voting aye with reservations; none voting no (0) and Representative(s) Belatti, Quinlan, Yamane excused (3).
3/19/2019
Committee Referrals
Finance3/19/2019
Housing3/7/2019
Ways and Means1/24/2019
Full Bill Text
No bill text available