Congressman Panetta Cosponsors the Rent Relief Act
WASHINGTON, DC - Today, Congressman Jimmy Panetta (D-Carmel Valley) announced his cosponsorship of the Rent Relief Act of 2019, legislation to provide much-needed support to middle class and working Americans who are struggling to keep up with the rising cost of rent.
"Californians living in our region are acutely affected by high housing costs. Nearly a third of renters in our congressional district on the central coast of California, or about 31,000 households pay more than half of their income on housing and utilities," said Congressman Panetta. "I cosponsored the Rent Relief Act of 2019, legislation to make rental housing more affordable for struggling households at a time when renters’ wages have remained stagnant and housing costs have increased rapidly,"
The Rent Relief Act creates a new tax credit for renters who spend at least 30 percent of their gross income on rent and utilities. It provides the credit to more working families by including those earning up to $100,000, ensures that those with the greatest need see a benefit by making the credit refundable, adjusts the credit to help families more easily afford rent in high-cost areas, assists families living in government-subsidized housing, and allows taxpayers to receive the benefits monthly to better help pay bills when they are due. Senator Kamala Harris (D-CA) leads the bill in the Senate.