“The high price of housing and surging rental prices have made California increasingly unaffordable, squeezing families’ budget. AB 59 helps provide more significant relief for Californians struggling with the price of rent.” – Assemblyman Gallagher
AB 59 would provide more significant relief to California’s renters by increasing the Renters’ Tax Credit as follows:
- From $120 to $2,000 for joint filers
- From $60 to $1,000 for single-filers
These increases would take effect upon a budget appropriation for this purpose and for the subsequent four years. The bill also makes the credit refundable to ensure that those who are the most in need benefit, regardless of their tax obligation.