After more than 40 years, State’s tax credit for renters may increase
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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