On April 10, Representative Charles Rangel (D-NY) introduced H.R. 4479, the “Renters’ Tax Credit Act of 2014.”
H.R. 4479 would create a Renters’ Tax Credit that would enable qualified renters to spend no more than 30% of their income of rent, with the remainder of their rent paid by the credit, which would go directly to a landlord or lenders of loans to landlords who rent to qualified renters. Renters would be eligible to benefit from the proposal if their income does not exceed 60% of area median income or 150% of the poverty line, whichever is higher.
“Federal housing spending is unbalanced -- it favors homeownership over renting, and it targets a larger share of the subsidies toward higher-income households. Today, 35% of households are renters, so this would offer a relief to the working families that are burdened by rents,” said Mr. Rangel in a press release upon the bill’s introduction.
The bill is based on a proposal from the Center on Budget and Policy Priorities (CBPP). H.R. 4479 has been referred to the House Committee on Ways and Means.
Read the CBPP proposal at: http://www.cbpp.org/cms/index.cfm?fa=view&id=3802
Read H.R. 4479 at: http://beta.congress.gov/113/bills/hr4479/BILLS-113hr4479ih.pdf