Bill
S 6342
Overview: Bill Number: S 6342, Title: Establishes the renters' and small homeowners' credit in a city with a population of a million or more, Status: REFERRED TO BUDGET AND REVENUE
Overview: Bill Number: S 6342, Title: Establishes the renters' and small homeowners' credit in a city with a population of a million or more, Status: REFERRED TO BUDGET AND REVENUE, Introduced: March 11, 2025
Purpose and Intent: The purpose of this bill is to establish a renters' and small homeowners' credit in cities with a population of one million or more. The credit aims to provide financial assistance to low-income renters and small homeowners, helping them cope with the rising costs of housing.
Key Provisions:
- Creates a refundable tax credit for eligible renters and small homeowners (defined as those with a home value of less than $500,000)
- Sets the credit amount at up to $1,000 for renters and $500 for small homeowners, based on income eligibility
- Requires the credit to be adjusted annually for inflation
- Directs the state to develop guidelines and procedures for administering the credit program
Affected Parties and Impacts: This bill would directly benefit low-income renters and small homeowners in cities with a population of one million or more. The credit would help alleviate the financial burden of housing costs, potentially improving housing affordability and stability for these individuals and families.
Procedural and Timeline Considerations: The bill has been referred to the Budget and Revenue committee for further consideration. If passed, the new credit program would likely be implemented within the next fiscal year, providing eligible residents with the opportunity to claim the credit on their tax returns.
Compiled from official sources — confirm details with the bill’s official record.
Sign in to ask a question.
