H.R.3670 - Rent Relief Act of 2017115th Congress (2017-2018)
|Sponsor:||Rep. Crowley, Joseph [D-NY-14] (Introduced 09/01/2017)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 09/01/2017 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.3670 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in House (09/01/2017)
Rent Relief Act of 2017
This bill amends the Internal Revenue Code to allow a refundable tax credit for individuals who pay rent for a principal residence that exceeds 30% of the individual's gross income for the taxable year.
The amount of the credit ranges from 10% to 100% of the excess, depending on the gross income of the taxpayer. The credit is not available for taxpayers with gross income that exceeds $125,000. Rent that exceeds 150% of the fair market rent for the residence may not be taken into account for the purpose of determining the amount of the credit.
For individuals who reside in government-subsidized housing, the bill allows a credit equal to 1/12 of the rent paid by the taxpayer (and not subsidized under the program) during the year with respect to the residence.