Rent Relief Act of 2018

Summary

Rent Relief Act of 2018 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 25% to 100% of the excess rent, depending on the gross income of the taxpayer. The credit is not available for taxpayers with gross income that exceeds $100,000 ($125,000 for a taxpayer whose principal residence is located in a high-cost area, as defined by the bill). Rent that exceeds 150% of the fair market rent (including the utility allowance) 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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 19 July 2018

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 19 July 2018

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 19 July 2018 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 19 July 2018

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 19 July 2018

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 19 July 2018

  Open at official source

Sponsors

• Sen. Harris, Kamala D. [D-CA] · D · Sponsor
• Sen. Feinstein, Dianne [D-CA] · D · Sponsor
• Richard Blumenthal · D · Sponsor
• Maggie Hassan · D · Sponsor
• Kirsten Gillibrand · D · Cosponsor
• Jeff Merkley · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Rent Relief Act of 2017
• related to ← Rent Relief Act of 2018