The Tax Relief for Renters Act of 2024 would allow renters to deduct up to $4,000 per year in rent payments for their primary residence on their federal income taxes. The deduction would be available to individual renters earning below certain income thresholds: $100,000 for single filers, $125,000 for heads of household, and $150,000 for joint filers and surviving spouses. This deduction would be available to all renters regardless of whether they itemize or take the standard deduction, making it more accessible than traditional itemized deductions. The bill would take effect for tax years beginning after December 31, 2024, providing immediate relief to eligible renters in the 2025 tax year and beyond. No specific funding amount is mentioned in the legislation, as tax deductions reduce government revenue rather than requiring direct appropriations.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.