NY A03437

Creates a rent relief tax credit for qualifying individuals whose rent exceeds 30% of their gross income, with credit amounts based on income tier and calculated as a percentage of rent paid above the 30% threshold.

Provides 100% credit for taxpayers earning ≤$25,000; 75% for those earning $25,001-$50,000; 50% for those earning $50,001-$75,000; 25% for those earning $75,001-$100,000; and 0% for those earning ≥$100,000.

Increases income thresholds by $25,000 for taxpayers in areas using small area fair market rent under the federal housing choice voucher program (published November 16, 2016).

Limits rent calculations to 150% of applicable fair market rent (including utilities) as published by the U.S. Department of Housing and Urban Development, and reduces credit to one-twelfth of unsubsidized rent for residents receiving federal, state, local, or tribal housing subsidies.

Takes effect January 1 following enactment and applies to taxable years commencing on or after that date; excess credits are treated as tax overpayments with no interest paid.