S.F. No. 45 - Bill Summary

• Creates a new renter's credit under section 290.0693 as a refundable income tax credit for renters, replacing the previous property tax refund structure for renters.

• Establishes income-based credit tables for renters with household income up to $68,440, with maximum credits ranging from $230 to $2,400 depending on income level and rent burden percentage.

• Requires property owners and managing agents to furnish rent certificates to tenants by February 1 annually, with commissioners able to require copies filed by March 1 of each year.

• Makes the renter's credit refundable, meaning if the credit exceeds tax liability, the commissioner must refund the excess amount to the taxpayer.

• Effective for rent paid after December 31, 2022, with administrative provisions allowing simplified filing for taxpayers without income tax liability.