How a renter’s tax credit would help your town

In some towns, three out of four renters could get up to $2,500 a year

You work hard for your money. But when the price of rent keeps going up, paychecks don’t go as far as they used to.

“I had to get a second job and put off paying some of my bills,” C., in Meriden, told us. “I am past due on quite a few bills right now.”

Connecticut is in a cost of living crisis, and renters can’t afford for the legislature to keep sitting on its hands. A renter’s tax credit acts on the problem now, instead of pushing affordability off and forcing working class people to carry it alone. A renter’s tax credit is part of the solution that doesn’t rely on developers to create affordable housing or for landlords to lower rent on their own.

New information from DataHaven shows how a renter’s tax credit would help every community in the state. For example, renters in Hartford, Waterbury, Bridgeport, and New Haven would get an average of $1,200 under the Connecticut Renter’s Tax Credit. Renters in Bristol, New Britain, Meriden, and Norwich could get an average of $1,100 a year.

The Connecticut Renter’s Tax Credit would:

• be refundable
• be for all renters making up to $75,000 per year (working class people)
• be based on how much someone pays in rent and how much they make each year, with the credit capped at $2,500 per household
• include protections to prevent landlords from knowing how much renters get back.

In cities like Hartford, Waterbury, and Meriden, at least three out of four renter households would qualify for the tax credit. More than 70% of renters would qualify in New Haven, Bridgeport, Bristol, New Britain, and Norwich.

A renter’s tax credit would help working class people like Celia, a single mother in New Britain, who will go through periods where her family won’t use any lights because they can’t afford both rent and the electric bill, and Tracey in Stamford, who needs a new place to live after a new landlord bought her building and raised rent by more than $1,000 a month.

Many people use their yearly tax return for big expenses like car repairs, getting out of debt, replacing furniture, and paying bills. But as the cost of the essentials continue to go up, working class people could use a boost – especially renters facing raised costs.

Working class people are struggling. A renter’s tax credit is a way Connecticut lawmakers can show they respect and honor the renters in this state.

Take action now to tell legislators to support a renter’s tax credit.