AB 838: Taxation: renter’s credit.

The bill aims to increase the renter's credit for eligible individuals. For taxable years starting January 1, 2025, and for the next four years, the credit amount would be $2,000 for spouses filing joint returns, heads of household, and surviving spouses, and $1,000 for other individuals. The adjusted gross income limits would be $150,000 for spouses and $75,000 for others. The credit amount would be refundable and paid from the tax relief and refund account when the individual's liability exceeds the credit amount. The bill would also require the franchise tax board to annually adjust the credit amount and limits for inflation.