LOS ANGELES — An estimated 2.4 million Californians could see a boost in their tax refunds next year under a legislative proposal that would dramatically increase the state's renters' tax credit for the first time in more than four decades.
The amount of the subsidy — created to help income-eligible Californians who don't benefit from the tax breaks given to homeowners — has remained unchanged since 1979, never adjusted for inflation and no match for the relentless rise in rental rates across the state.
Renters earning less than $43,533 a year are eligible for a $60 tax credit, and renters earning less than $87,066 a year who are married and file taxes jointly are eligible for $120.
