Income tax deduction for renters.

SB 25 increases the maximum annual income tax deduction available to renters from $3,000 to $4,000. This change directly affects individual taxpayers who itemize deductions and pay rent, potentially lowering their taxable income. The key provision simply raises the cap on this deduction amount without altering eligibility rules. The bill is currently before the Committee on Tax and Fiscal Policy after being introduced on January 8, 2025.