With the goal of alleviating some of the financial burden imposed by rising rents, Senator Janet Nguyen has co-authored Senate Bill 1182 (SB 1182) with Senator Steven Glazer to increase the California renter’s tax credit. SB 1182 would specifically increase the renter’s tax credit for single filers from $60 to $120 and from $120 to $240 for joint filers.
“Many of the residents in my district are renters who have to balance tight budgets every month to pay their rent while paying for food, transportation, child care and health care,” said Senator Janet Nguyen. “The California renter’s tax credit is another tool to help families keep more of their hard earned dollars.”
The renters tax credit is a nonrefundable credit re-established in 1998 and is available to residents who rent their primary residence. This tax credit is not tied to inflation and therefore, renters have not received an increase in this credit since 1979. If SB 1182 is approved, residents could take advantage of the new increased credit when they file their 2018 taxes.
In addition to co-authoring SB 1182, Senator Nguyen has supported working families by authoring SB 1176 (2018) which seeks to double the value of the dependent exemption credit and SB 268 (2015) which would have increased access to child care through a higher child tax credit. In addition, she helped establish and expand California’s Earned Income Tax Credit with her support of SB 80 (2015) and SB 106 (2017), and has hosted free tax preparation events to ensure that working families who qualify for the credit receive assistance with filing.
Residents interested in learning more about the California renter’s credit may visit: https://www.ftb.ca.gov/individuals/faq/ivr/203.shtml
This article was released by the Office of Senator Janet Nguyen.