California’s tax credit for renters may increase to account for inflation after more than 40 years, according to state Sen. Steve Glazer’s office.
Glazer, D-Contra Costa, and co-authors this week introduced Senate Bill 843, which would increase the credit from $60 for single filers to $500. For single parents and couples, the credit will be $1,000 if the bill passes.
Renters are eligible if they are single and earn $43,533 or less or if they file jointly and earn $87,066 or less. Single parents would be eligible for the same credit as couples.
“We’ve treated renters like the doormat outside California’s economic recovery house,” Glazer said in a statement. “We cannot make an economic comeback without renters having their rightful place inside. Renters have waited 42 years for a modest level of fairness in our tax code. We can’t make them wait any longer.”
The bill has widespread bipartisan support with 43 co-authors. The credit has not been increased since 1979…
Other Bay Area legislators who support the bill include state Sen. Dave Cortese, D-San Jose, Assemblyman Kevin Mullin, D-San Mateo, and state Sen. Josh Becker, D-Peninsula. Assemblyman Carlos Villapudua, D-Stockton, also supports the legislation.
Taxpayers will receive the full credit if it exceeds their total tax liability, according to Glazer’s office.
Source: Pleasanton Weekly
By Keith Burbank, Bay City News Foundation
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