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Rent Relief Act of 2022

12/29/2022, 6:18 PM

Summary of Bill HR 8357

Bill 117 hr 8357, also known as the Rent Relief Act of 2022, is a piece of legislation introduced in the US Congress aimed at providing relief to renters who have been impacted by the economic downturn caused by the COVID-19 pandemic. The bill seeks to address the growing issue of housing insecurity and homelessness by providing financial assistance to renters who are struggling to make their monthly rent payments.

The Rent Relief Act of 2022 proposes to allocate funds to state and local governments to establish rental assistance programs for low-income individuals and families who have been adversely affected by the pandemic. These programs would provide direct financial assistance to renters to help cover their rent payments and prevent eviction.

Additionally, the bill includes provisions to extend the federal eviction moratorium, which has been a critical lifeline for many renters during the pandemic. By extending the moratorium, the Rent Relief Act of 2022 aims to prevent a wave of evictions and homelessness that could result from the economic fallout of the pandemic. Overall, the Rent Relief Act of 2022 is a crucial piece of legislation that seeks to provide much-needed support to renters who are struggling to make ends meet in the wake of the COVID-19 pandemic. By providing financial assistance and extending the eviction moratorium, the bill aims to help prevent a housing crisis and ensure that individuals and families can remain safely housed during these challenging times.

Congressional Summary of HR 8357

Rent Relief Act of 2022

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.

Current Status of Bill HR 8357

Bill HR 8357 is currently in the status of Bill Introduced since July 13, 2022. Bill HR 8357 was introduced during Congress 117 and was introduced to the House on July 13, 2022.  Bill HR 8357's most recent activity was Referred to the House Committee on Ways and Means. as of July 13, 2022

Bipartisan Support of Bill HR 8357

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
10
Democrat Cosponsors
10
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 8357

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 8357

Rent Relief Act of 2022
Rent Relief Act of 2022
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.

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