Housing COST Act

This bill would create a refundable federal tax credit for people who rent their main home. The credit would equal 8.5 to 11 percent of rent paid, depending on the number of dependents, capped at $4,000 per year, and would only count rent up to the local small area fair market rent published by HUD. People whose adjusted gross income was over $150,000 in the prior year could not claim it. Taxpayers could choose to receive the credit in monthly advance payments, and the Treasury would run an outreach program to inform people about the credit. The credit would apply to tax years starting after December 31, 2026, and end after December 31, 2034.

Full text and official record on Congress.gov

Sponsors

• Derek Tran Democrat sponsor
• 0 cosponsors