S.B. 1133 Summary

• Authorizes counties where over 1% of housing stock was destroyed or rendered uninhabitable by a disaster to establish by ordinance a rental unit price ceiling that prohibits landlords from increasing rental prices above a percentage calculated based on the Consumer Price Index for rent of primary residences.

• Requires counties that adopt a rental price ceiling ordinance to calculate and publish annually the maximum allowable rental increase rate by August 1, beginning in 2025, based on the preceding 12-month Consumer Price Index change; permits zero percent increase if the index is at or below zero.

• Establishes a nonrefundable Long-Term Residential Lease Tax Credit for taxpayers owning and leasing dwelling units to tenants as their principal residence in counties with adopted rental price ceiling ordinances, provided the lease term is one year or longer and the lessee is not an immediate family member.

• Allows the tax credit to be carried forward for up to three taxable years if it exceeds the taxpayer's income tax liability in a given year; requires all claims to be filed within 12 months following the close of the taxable year.

• Takes effect July 1, 2050, with the tax credit provisions applying to taxable years beginning after December 31, 2025.