A CAA-supported bill that would increase the state tax credit for renters has advanced to the state Assembly.
On May 30, SB 1182 by state Sen. Steve Glazer, D-Orinda, won approval on the Senate floor with 37 yes votes, zero no votes and two abstentions.
The bill would increase the renters’ tax credit incrementally over a five-year span.
“Under current law, homeowners in California receive state and federal tax benefits, as a result of owning their own home,” CAA says in a letter supporting the bill. “Renters, however, do not receive comparable tax benefits. It’s reasonable to provide renters, who may not be able to purchase a home, with some tax relief as well. Increasing the California Renter’s Tax Credit would offer a valuable measure of financial assistance to renters.”
- Renters who file individually: Would see a tax credit of about $82 in 2018, with that figure rising incrementally to about $217 by 2022.
- Renters who file jointly: Would see a tax credit of about $137 in 2018, with that figure rising incrementally to about $219 by 2022.
- Renters with one more dependents: Would see a tax credit of about $178 in 2018, with that figure rising incrementally to about $434 by 2022.
