Tax Relief for Renters Act of 2024

Bill 118 hr 10277, also known as the Rent Deduction Act, aims to amend the Internal Revenue Code of 1986 to create a new deduction for individuals who pay rent for their primary residence. This deduction would allow eligible taxpayers to deduct certain amounts paid for rent from their taxable income.

The bill is designed to provide relief for individuals who do not own a home and therefore do not benefit from the mortgage interest deduction that homeowners receive. By allowing renters to deduct a portion of their rent payments, the bill seeks to make housing more affordable for a broader range of Americans.

If passed, the Rent Deduction Act would provide much-needed financial assistance to renters, particularly in high-cost areas where housing expenses can be a significant burden. The deduction would help offset the costs of renting and provide some relief for individuals struggling to make ends meet. Overall, the Rent Deduction Act aims to level the playing field between homeowners and renters by providing renters with a similar tax benefit. This bill has the potential to make a meaningful impact on the financial well-being of millions of Americans who rent their primary residence.