Tax Relief for Renters Act of 2026

This bill, known as the Tax Relief for Renters Act of 2026, would allow renters to deduct a portion of their rent payments from their federal income tax. The deduction would be limited to $4,000 per year for individuals who lease their primary residence, with the amount subject to inflation adjustments starting in 2028. Eligibility is restricted by income thresholds, with higher limits for joint filers and lower limits for single filers and married couples filing separately. The provision would apply to tax years beginning after December 31, 2026, and would be available to taxpayers who do not itemize deductions as well as those who do.