SB 302 Summary

• Increases income eligibility thresholds and credit amounts for the low-income household renter tax credit by establishing progressive tax brackets based on adjusted gross income and filing status.

• Creates tiered credit amounts ranging from $20,000 AGI and below for single filers (with higher thresholds for heads of household and joint filers) with credits phasing out as income increases.

• Requires automatic adjustment of all dollar amounts in the tax credit table every three years based on percentage increases in the consumer price index for June, with initial adjustment occurring for taxable years beginning after December 31, 2022.

• Expands eligibility to include individuals with no taxable income and allows those age 65 and over to claim double the applicable tax credit.

• Effective July 1, 2050, and applies to taxable years beginning after December 31, 2020.