More than 3 million Californians with lower incomes could get a break on their taxes under a bill that would significantly increase the credit for renters for the first time in more than 40 years.
Single filers who make less than $43,533 or joint filers making less than $87,066 currently receive $60 or $120, respectively – amounts that haven’t been increased since 1979, despite rents that continue to soar.
The bill, SB 843, by state Sen. Steve Glazer (D-Orinda), would increase that credit to $500 for single filers and $1,000 for single parents and couples filing jointly…
…Between 2019 and 2020, the state more than doubled production of new, affordable housing, said Matt Schwartz, CEO of the California Housing Partnership. But, he said, it’s still about 100,000 homes short annually of what it needs to end homelessness in California.
At last count, more than 161,000 Californians were homeless, representing more than a quarter of the nation’s homeless population.
“Sure, credit for low income renters is helpful to those renters who receive it,” Schwartz said, “but it is not going to fundamentally change the production levels that we need to dramatically increase for California to get out of this crisis.”
The bill heads to the Senate Appropriations Committee on Monday.