Increases, from 18 percent to 30 percent, amount of rental payments defined as rent constituting property taxes for purposes of deduction from gross income for property tax payments.
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Progress
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- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill increases the percentage of rental payments that can be deducted from a taxpayer’s gross income as property tax payments from 18% to 30%. This change applies to tenants who occupy a residential rental property as their principal residence, including those in condominiums, cooperatives, and continuing care retirement communities. The goal is to provide additional income tax relief for renters by allowing them to deduct a larger portion of their rental payments as property taxes.
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