Renters Tax Credit Act of 2014 - Amends the Internal Revenue Code to allow a business-related tax credit for a portion of the rent paid by a qualified renter.
Defines "qualified renter" as a family unit with income not greater than the higher of 60% of local median income or 150% of the federal poverty line.
Establishes the amount of such credit as the rent reduction amount, which: (1) is the amount by which the fair market rent for a rental unit exceeds the rent charged to the qualified renter; and (2) shall not exceed the excess of the rent charged to the qualified renter (or, if lower, specified modest rent) over 30% of the qualified renter's income (prorated monthly).
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