Create tax credit or rebate for certain homeowners and renters

HB 645 proposes creating a refundable tax credit or rebate for homeowners and renters whose property taxes or rent exceed five percent of their income. The bill would allow eligible individuals to claim this financial assistance directly on their state tax returns to offset the cost of housing. Additionally, the legislation includes provisions for pass-through entities, such as partnerships or S corporations, to file a single tax return on behalf of their investors who are subject to state income tax. This mechanism would simplify the filing process for these businesses while ensuring investors receive their appropriate share of any credits or payments.