California's renter's tax credit, created to help income-eligible residents who don't benefit from the tax breaks given to homeowners, has remained flat since 1979, never adjusted for inflation.
An estimated 2.4 million Californians could see a boost in their tax refunds next year under a legislative proposal that would dramatically increase the state’s renters’ tax credit for the first time in more than four decades.
A bill proposed by state Sen. Steve Glazer would increase those credits to $500 for single filers and $1,000 for both joint filers and single filers with dependents. The bill, which will be heard by the Senate Appropriations Committee this month, would also make the credit refundable, potentially triggering a significant increase in tax refunds next year.
California renters pay 44% above the nationwide median, while California’s median household income is 22% higher than the nationwide median, according toWhile the median for monthly rental payments in California was $1,586 from 2016 to 2020, according to U.S. Census data, the costs are much higher in Los Angeles and other cities. Data compiled by the rental market tracker RedFin put the average rent in Los Angeles earlier this year at $3,394 per month.
If it becomes law, SB 843 would require the state Franchise Tax Board to increase the amount of the renters’ credit annually based on inflation. The credit would no longer differentiate between singles with dependents and joint filers, aiming to make the credit fairer to single parents, Glazer said.
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