The bill would establish an income tax deduction for qualified rent expenses paid or incurred for a taxpayer’s primary residence. The deduction would equal one-twelfth of qualified rent expenses, capped at $4,000 per individual annually, and would be unavailable above specified adjusted gross income thresholds ranging from $75,000 to $125,000 based on filing status. The deduction would be available to non-itemizers and apply to taxable years beginning after December 31, 2026, with inflation adjustments for taxable years beginning after 2027.

FactVote-generated overview; it is not an official CRS summary.