Tax Relief for Renters Act of 2024

HR 10277, the Tax Relief for Renters Act of 2024, creates a new federal income tax deduction for renters. It allows eligible taxpayers to deduct 1/12 of their qualified rent payments for their primary residence, capped at $4,000 annually. The deduction is limited to individuals with adjusted gross income below $100,000 (single filers), $125,000 (head of household), or $150,000 (joint filers). This provision applies to taxable years beginning after December 31, 2024, and is available to non-itemizers without affecting other tax limitations.