• 0
  • Home
  • About Us
  • What We Do

Shopping Cart

GPAM
  • Home
  • About Us
  • What We Do

Bill to boost renter tax credit moves in legislature

Senator Steve Glazer (California State Senate, iStock, Illustration by Kevin Cifuentes for The Real Deal)

A bill that would give an estimated 2 million California renters a $500 tax credit has passed through one legislative committee and is scheduled for another hearing early next week.

Senate Bill 843 was proposed in January as a balm for a population that’s facing both sky-high rental costs and the eventual expiration of pandemic-era moratoriums. California renters––a group that represents some 45 percent of the state’s population and generally has lower incomes than homeowners––were hit disproportionately hard by the economic consequences of the pandemic.

“The California Legislature continues to work on packages to increase housing supply, yet little has been done to provide direct help to renters,” the bill’s author, state Steve Glazer, wrote in comments cited in the Legislature’s bill analysis. “While it will be years before all Californians have access to affordable homes, this bill will help millions of Californians now.”

Any policy that broadly affects renters also affects the rental market, of course, and a higher refund to low-income renters would also be good news for their landlords. It’s a population that’s also suffered throughout the pandemic––landlords and their advocates have frequently complained that government initiatives, including broad eviction moratoriums, effectively supported tenants at the expense of their landlords.

“Our members have been forced to provide housing services for free for nearly two years, and they’re hurting,” Dan Yukelson, executive director of AAGLA, a prominent L.A.-area landlord group, said earlier this year.

The state does already have a nominal tax credit for low-income renters, which was established in 1972 and only raised once, in 1979. The existing credit is capped at $60 annually for individual renters who earn less than roughly $44,000, or $120 to rental couples who file joint taxes. The existing credit is also nonrefundable — it can reduce a taxpayer’s liability but doesn’t count toward a refund, rendering it inapplicable for many of the renters it was designed to help.

Glazer’s bill would increase the credit to $500 for individual renters and $1,000 for couples and single parents. The income limits of eligible recipients would stay the same, although the credit would also become eligible as a refund and increase annually to adjust for inflation. More than two million Californians would qualify, according to statistics cited by Glazer’s office.

The bill appears to have a good chance at passing: Glazer, a Democrat from the Bay Area, introduced it in January with dozens of co-authors, including state senate minority leader Scott Wilk, of Santa Clarita, and Assemblyman Steven Choi, of Irvine.

The bill unanimously passed through the senate’s Committe on Government and Finance in late March and is set for a hearing in the Committee on Appropriations on Monday.

Read more
  • California moves to extend eviction ban, Covid rent relief
  • LA tenants now have more options to sue landlords for harassment
  • Can LA landlords get to Supreme Court on evictions?
[contact-form-7 404 "Not Found"]

The post Bill to boost renter tax credit moves in legislature appeared first on The Real Deal Los Angeles.

Powered by WPeMatico

  • 15 April 2022
  • The Real Deal
  • Uncategorized
  •  Like
Yorba Linda first city in OC to complete state-mandated housing plan →← Oaktree, Trinity buy Hyatt Regency Indian Wells for $137.5M
  • Recent Posts

    • Is CEQA win first shot at a broader overhaul for resi market?   July 5, 2025
    • Hankey finances bargain-bin hotel buy near SF’s Union Square July 3, 2025
    • Industry group flails as CEQA adjustments hit California builders unevenly July 3, 2025
    • Orange County office tower sells for discounted $19M July 3, 2025
    • City to deploy $425M of “mansion tax” money in record spending plan July 3, 2025
  • Recent Comments

    • Archives

      • July 2025
      • June 2025
      • May 2025
      • April 2025
      • March 2025
      • February 2025
      • January 2025
      • December 2024
      • November 2024
      • October 2024
      • September 2024
      • August 2024
      • July 2024
      • June 2024
      • May 2024
      • April 2024
      • March 2024
      • February 2024
      • January 2024
      • December 2023
      • February 2023
      • January 2023
      • December 2022
      • November 2022
      • October 2022
      • September 2022
      • August 2022
      • July 2022
      • June 2022
      • May 2022
      • April 2022
      • March 2022
      • February 2022
      • January 2022
      • December 2021
      • November 2021
      • October 2021
      • September 2021
      • August 2021
      • July 2021
      • June 2021
      • May 2021
      • April 2021
      • March 2021
      • February 2021
      • January 2021
      • December 2020
      • November 2020
      • October 2020
      • September 2020
      • August 2020
      • July 2020
      • June 2020
      • May 2020
      • April 2020
      • March 2020
      • February 2020
      • January 2020
      • December 2019
      • November 2019
      • October 2019
      • September 2019
      • August 2019
      • July 2019
      • June 2019
      • May 2019
      • April 2019
      • March 2019
      • February 2019
      • January 2019
      • December 2018
      • November 2018
      • October 2018
      • September 2018
      • August 2018
      • July 2018
      • June 2018
      • May 2018
      • April 2018
      • March 2018
      • February 2018
      • January 2018
      • December 2017
    • Global Property and Asset Mangement, Inc.
      137 North Larchmont
      Los Angeles, California 90010
      +1 213-427-1127

    © 2025 GPAM