Landsman, Kean Introduce Bipartisan Bill to Deliver Financial Relief to Renters

Cincinnati, OH – Today, Congressman Greg Landsman (D-OH-01) and Congressman Tom Kean, Jr. (R-NJ-07) introduced commonsense bipartisan legislation to provide financial relief to millions of American renters.

Reps. Landsman and Kean introduced the Tax Relief for Renters Act – legislation that would put more money back into the pockets of Americans by allowing renters to claim a deduction of one month’s rent on their personal taxes each year.

More than 22 million renter households are spending over 30 percent of their income on housing costs. To help alleviate this financial burden, the Tax Relief for Renters Act would allow renters to claim a personal income tax deduction of up to $4,000 annually for rent expenses paid for their primary residence. To be eligible, taxpayers’ income can be no more than $125,000 for married couples filing jointly, $80,000 for heads of households, and $75,000 for individuals.

Congressman Landsman:

“Renters need relief, and right now, folks cannot keep up as rent is rising faster than wages in Southwest Ohio and across the country. Our bill will help ease the burden on families to afford their everyday expenses or save for a home.”

Congressman Tom Kean, Jr.:

“Housing, a basic necessity, is way too expensive. New Jersey families who rent are facing costs that continue to outpace paychecks, stretching household budgets thin. I’m glad to lead the bipartisan effort to give hardworking families more financial breathing room by allowing them to deduct a month of rent from their tax bill.” 

The full text of the Tax Relief for Renters Act can be found here.

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