Section 1 Short title
This Act may be cited as the “Renters Fairness and Equality Act”.
Renters Fairness and Equality Act
A BILL
To amend the Internal Revenue Code of 1986 to allow a deduction for rent paid or accrued on the personal residence of the taxpayer.
Sec. 2 Deduction for rent paid on personal residence
In general— Part VI of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 163 the following:
“163A. Rent paid on personal residence
“(a) In general—There shall be allowed as a deduction all rent paid or accrued within the taxable year on the principal residence (within the meaning of section 121) of the taxpayer.
“(b) Limitation—No amount shall be allowed as a deduction under subsection (a) for the taxable year with respect to such principal residence if the assessed or appraised value of such principal residence for the taxable year exceeds $1,000,000 ($500,000 in the case of a married individual filing a separate return).
“(c) Coordination—No amount may be deducted under subsection (a) if a deduction is allowable under section 163 for qualified residence interest (as defined in section 163(h)(3)) or a deduction is allowable under section 164(a)(1) for real property taxes paid or accrued for the taxable year with respect to such principal residence.”
Clerical amendment— The table of sections for part VI of subchapter B of chapter 1 of such Code is amended by inserting after the item relating to section 163 the following new item:
Effective date— The amendments made by this section shall apply to amounts paid or accrued after December 31, 2014.