Scott Peters Proposes Tax Credit for Overburdened Home Renters
Yesterday, Rep. Peters introduced legislation to provide a tax credit to renters who paid more than 30 percent of their gross income on rent and utilities the previous year. The bill is described in an August 14 piece for ABC 10 News, posted below:
Rent Relief Act proposes tax credit to struggling renters
By Allison Horn
August 14, 2018
WASHINGTON, D.C. (KGTV) – San Diego Congressman Scott Peters introduced legislation Tuesday to provide a tax credit to renters who paid more than 30 percent of their gross income on rent and utilities the previous year.
The Rent Relief Act is the House companion to a Senate bill introduced by Senator Kamala Harris.
Eligibility would be determined by annual income compared to annual rent using the federal government’s fair market rent rates, a spokesman for Rep. Peters said.
Here is a sample of the fair market rent rates for San Diego neighborhoods:
Downtown, 92101: $2,400
Eastlake, 91914: $2,500
La Mesa, 91942: $1,840
Oceanside, 92056: $1,870
Poway, 92064: $1,790
Santee, 92071: $1,670
“In San Diego, we know that rent and housing costs are rising faster than paychecks. People are rightfully frustrated; the cost of living in San Diego is the fourth highest among major metro regions, and many people have trouble finding housing in the first place. We need to provide short-term relief for renters, while local, state and federal governments work toward long-term solutions to our nation’s housing shortage.
This bill could easily be paid for by scaling back some of the tax cuts that were given to those who don’t need them. This tax credit targets the middle class and attempts to even the playing field for those who need it most. I thank Senator Harris for working on this important legislation and I look forward to continue working with her on solutions to America’s housing crisis,” said Rep. Peters.