Rent Relief Act of 2023

Hozzl · 2024-01-26T08:15:28Z

Explore the details of House Bill 6721 Rent Relief Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

1/26/2024, 8:15 AM

Congressional Summary of HR 6721

Rent Relief Act of 2023

This bill allows a refundable income tax credit for individuals who pay rent for a principal residence that exceeds 30% of their adjusted gross income for the taxable year.

The amount of the credit ranges from 25% to 100% of the excess rent, depending on the adjusted gross income of the taxpayer. The credit is not available for taxpayers with adjusted gross incomes that exceed $100,000. Rent that exceeds 100% of the small area fair market rent (including the utility allowance) for the residence may not be taken into account in determining the amount of the credit.

The Department of the Treasury must establish a program for making advance payments of the credit on a monthly basis and provide for an outreach program to increase enrollment of taxpayers in the renter tax credit program.

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Current Status of Bill HR 6721

Bill HR 6721 is currently in the status of Bill Introduced since December 12, 2023. Bill HR 6721 was introduced during Congress 118 and was introduced to the House on December 12, 2023. Bill HR 6721's most recent activity was Referred to the House Committee on Ways and Means. as of December 12, 2023