Tax Reform Proposal to Benefit Low-Income Renters by Michael Lane

I suggest that the Obama administration review an existing proposal from Barbara Sard at the Center for Budget and Policy Priorities for a Federal Renters Tax Credit as part of tax reform:

Overview: Congress would authorize states to allocate federal tax credits to make housing affordable for low-income renters.

• Families assisted with credits generally would pay no more than 30 percent of their income for rent and property owners (or sometimes banks that lend to them) would receive a tax credit in exchange.

• If capped at $5 billion the proposal could:

– help 1.2 million families afford housing, – reduce rents by an average of $400

– lift four of five of the poorest families it assists out of deep poverty

To review the full proposal: http://www.cbpp.org/pdf/CBPP_RentersCreditWebinar.pdf

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3 thoughts on “Tax Reform Proposal to Benefit Low-Income Renters by Michael Lane

  1. Flora you might be thinking of state programs. My state has a program similar to this—called Homestead Credit. I’m not aware of this at a federal level though. There is HUD housing but that doesn’t offer credits to stay in your currently rented residence but rather you must move to a building that is so designated.

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