Rent Relief Act of 2025
3/29/2025, 2:23 AMSummary of Bill S 968
Bill 119 s 968, also known as the Rent Payment Tax Credit Act, is a proposed piece of legislation that aims to amend the Internal Revenue Code of 1986. The main purpose of this bill is to allow taxpayers to receive a credit against their taxes for rent paid on their personal residence.Under the current tax code, homeowners are able to deduct mortgage interest payments from their taxable income. However, renters do not have the same benefit. This bill seeks to level the playing field by providing a tax credit for rent payments made by individuals who do not own their homes.
The Rent Payment Tax Credit Act is designed to provide financial relief to renters who may be struggling to make ends meet. By allowing them to receive a credit against their taxes, this bill aims to make housing more affordable for those who do not have the means to purchase a home. Overall, Bill 119 s 968 is a proposed piece of legislation that seeks to address the disparity between homeowners and renters in the current tax code. If passed, this bill would provide much-needed financial assistance to renters and help make housing more accessible and affordable for all individuals.
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Current Status of Bill S 968
Bill S 968 is currently in the status of Bill Introduced since March 11, 2025. Bill S 968 was introduced during Congress 119 and was introduced to the Senate on March 11, 2025. Bill S 968's most recent activity was Read twice and referred to the Committee on Finance. as of March 11, 2025Bipartisan Support of Bill S 968
Total Number of Sponsors
2Democrat Sponsors
2Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 968
Primary Policy Focus
Alternate Title(s) of Bill S 968
A bill to amend the Internal Revenue Code of 1986 to allow for a credit against tax for rent paid on the personal residence of the taxpayer.A bill to amend the Internal Revenue Code of 1986 to allow for a credit against tax for rent paid on the personal residence of the taxpayer.Comments
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Sponsors and Cosponsors of S 968
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