AN ACT ESTABLISHING A REFUNDABLE CREDIT AGAINST THE PERSONAL INCOME TAX FOR RENTERS.

HB 5970 creates a refundable credit against personal income tax for renters in the state, directly affecting individuals who pay rent for their primary residence. The credit equals 50% of annual rent paid, capped at $3,000 per year. Unlike non-refundable credits, this credit provides a cash payment even if the renter owes no income tax. It applies to renters whose primary residence is within the state and is calculated based on their actual rent payments up to the $3,000 limit.