Bill to Create Renter’s Credit Introduced in Senate, House
Sen. Cory Booker, D-N.J., and Rep. James Clyburn, D-S.C., introduced companion legislation this week that would create a refundable tax credit for rent-burdened taxpayers and would require states that receive major federal grants to create an inclusive zoning strategy. The Housing, Opportunity, Mobility and Equality (HOME) Act, S. 2684 and H.R. 4808, would provide the renter’s credit for anyone paying more than 30 percent of their before-tax income on rent and would cover the difference between 30 percent of the individual’s income and the lesser of the small area fair market rent of the area or actual rent. Booker and Clyburn each introduced similar legislation in 2018.