Establishes a tax credit for rent paid on the personal residence of certain taxpayers

2025 Regular Session Introduced by Andrew Gounardes and 1 co-sponsor

Establishes a tax credit for rent paid on a renter’s personal residence to ease housing costs for eligible households; eligibility, amounts, and rules to be defined.

REFERRED TO BUDGET AND REVENUE

Summary: Bill S 5864 — Tax Credit for Rent Paid on Personal Residence

Overview

Bill Number: S 5864

Title: Establishes a tax credit for rent paid on the personal residence of certain taxpayers

Status: Referred to Budget and Revenue

Introduced: March 3, 2025

Sponsors:

Primary: Andrew Gounardes
Co-sponsor: Pamela Helming

Related/Companion Bills:

S 6801, S 8142, S 1240, S 1026 (prior-session)
A 3215 (companion)

Purpose and Intent

The bill aims to provide financial relief to renters by creating a tax credit tied to rent paid for the taxpayer’s personal residence. The stated objective is to reduce housing cost burdens for eligible households. Specific eligibility criteria and credit mechanics are not included in the summary and would be defined in the bill’s text.

Key Provisions (as currently described)

Core Provision: Establishment of a tax credit for rent paid on the personal residence of certain taxpayers.

The summary does not specify:

Eligibility requirements (e.g., income limits, household size, occupancy, residency status)
Credit amount or calculation method (percentage of rent, fixed amount, caps)
Whether the credit is refundable or nonrefundable
Maximum credit per taxpayer or per year
Interaction with other housing or tax credits
Documentation or verification requirements
Administration and enforcement details

The final text will define these details and set the operational framework for claiming the credit.

Who Would Be Affected

Renters paying rent for their personal residence who meet the bill’s eligibility criteria (to be specified in the law). Potentially, this could target households experiencing housing cost burdens, but exact affected populations depend on the bill’s definitions.

Procedural and Timeline Aspects

Current Stage: Referred to the Budget and Revenue committee, indicating initial fiscal and policy review.

Action Timeline: No further actions are listed in the summary beyond the initial referral (as of the provided information).

Fiscal implications and any required revenue offsets would typically be examined by Budget and Revenue.

Next Steps for Readers

Retrieve the full bill text to review:

Eligibility criteria
Credit calculation and limits
Refundability and carryforward provisions
Filing and documentation requirements
Interaction with existing tax credits and housing programs
Fiscal notes and budget impact

Monitor subsequent committee hearings and amendments; note any companion measures (A 3215) for parallel consideration.

This summary reflects the information available from the bill’s introduction and status.