Proposal restores tax fairness for renters, reinvents program eliminated by Governor Arnold Schwarzenegger
(SACRAMENTO, CA) – Assemblymembers Tom Daly (D-Anaheim) and Phil Ting (D-San Francisco) urged passage of new legislation to restore tax relief for renters in California. Supported by a rare alliance of tenant and landlord groups, the bill faces its first vote in the Assembly Revenue and Taxation Committee this afternoon.
“California homeowners receive significant state and federal tax benefits, including the mortgage interest deduction and the homeowner’s exemption,” said Daly. “It’s reasonable to provide renters, who may not be able to purchase a home, with some tax relief, too. Housing is a fundamental need for all California families. The modest refunds established by this new program will offer thousands of families with a small measure of security. In addition, these refunds will also have a positive cumulative effect on the economy. The families and individuals receiving the assistance will spend that money at local businesses.”