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US SB968
Bill
AI Summary
- Creates a new refundable federal tax credit for renters who pay more than 30% of their gross income on rent for their principal residence
- Credit percentage ranges from 100% for incomes up to $25,000 down to 0% for incomes over $100,000; income thresholds increase by $25,000 for residents in HUD-designated high-cost areas
- Caps eligible rent at 100% of the small area fair market rent (including utility allowance) as published by HUD
- Establishes a monthly advance payment option for the credit, with the IRS required to set up the program within 6 months of enactment
- Provides an alternative credit for government-subsidized housing residents equal to 1/12 of their unsubsidized rent payments; effective for tax years beginning after December 31, 2025
Legislative Description
Rent Relief Act of 2025
Taxation
Last Action
Read twice and referred to the Committee on Finance.
3/11/2025
Committee Referrals
Finance3/11/2025
Full Bill Text
No bill text available